Montreal Realtor Denis Kornienko: 2024 Year-End Results and 2025 Forecast
Denis Kornienko is a leading realtor in Montreal. Today, we are summarizing the results of 2024. Traditionally, at the end of each season, we speak with an expert who has been helping families build a secure future in Canada for over 15 years.
Denis, hello. Tell us, what were the highlights of 2024 in the real estate sector?
Thank you for the invitation. The past year is completely different from 2023. Consequently, buyer strategies have also changed. Last year, the interest rate reached its peak (6.5%), and many took a pause. However, when the Bank of Canada stopped raising the rate, the market revived. My clients and I managed to buy homes at prices that had not yet reacted to the rate cut. By the end of this year, home prices expectedly went up.
Market Trends and Mortgage Rates in Quebec
How are most buyers reacting to the rate cut?
In the most positive way possible. This is because conditions are becoming more affordable. Specifically, more and more people are appearing on the market in active search.
Has the practice of bidding wars returned, as it was during the COVID era?
Yes, nowadays you can often see up to five offers on a single property. However, it is important to understand that everything is individual. Auctions happen when a house is listed at market price and has no foundation problems. If the price is overvalued by 5-15%, the property can sit on the market for months. As an experienced realtor in Montreal, I do not advise my clients to overpay 50 thousand above the market just because of their emotions.
Where to Start Buying Real Estate in Montreal
How long does the search and purchase process take on average?
Usually, five to six months pass from our first meeting to the move-си. Out of those, the search and viewings themselves take up to three months.
What do you recommend doing as the first step?
First, you need to find out what mortgage amount the bank will approve. Therefore, contact me, and I will refer you to proven brokers. Second, after the amount is approved, we meet in person and discuss the action plan. For instance, for a mortgage, official work, a down payment of at least 5%, and a good credit history are important.
Real Estate in Canada for Ukrainians (CUAET)
What is happening with people who arrived under the CUAET program? Are they continuing to buy?
Yes, everything remains unchanged. Moreover, if in 2023 these were isolated cases, now people are getting good jobs and starting to act immediately. It makes no sense to pay 20 thousand a year in rent if there is an opportunity to invest in your own home. Thus, the Greater Montreal market remains open to new residents, and I help with purchases both on the island and in the suburbs.
Why a Professional Realtor in Montreal is the Key to Success
I chose the REMAX agency for my work. This is the largest agency in our province. Specifically, the best professionals are gathered here to ensure the security of the transaction.
In the upcoming year of 2025, the situation will remain stable. The interest rate will continue to decrease, and the market will be active. Consequently, all tasks are solvable if you approach them fully prepared and with trust in your agent.
Your Realtor in Montreal Denis Kornienko. If you are planning to buy or sell real estate, contact me. I guarantee a legally secure transaction taking into account all the new laws of Quebec.