Beatrice (Betty) Cabral is a licensed Residential and Commercial Real Estate Broker with Royal Lepage Village; she has distinguished herself as a prominent and widely respected real estate professional committed to providing superior service. Betty, as she is called and well known by many, is a hardworking and dedicated real estate broker. She attributes her success and reputation to honesty, personal integrity, determination, and a sincere concern for her clients.
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A consistent top producer for so many years, Betty specializes in all areas of real estate, such as residential, Revenue properties, Condominiums, commercial, and so on. Betty is a knowledgeable representative for buyers and sellers looking to purchase or sell homes in any price range throughout the Island of Montreal and its suburbs – from modest condominiums to million-dollar properties. Whether they want to sell their present home or purchase a new one, Betty, whose attention to detail and strong negotiating skills have enabled her to successfully assist her clients in reaching their goals, this success constantly expands Betty’s referral base of satisfied customers. Betty invites Buyers and Sellers to contact her for additional information describing her innovative and comprehensive marketing services.
Home prices will adjust when interest rates stabilize.
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Price trends as per Royal Lepage.ca
In 2023, the weighted median price1 of a single-family home in the province’s major recreational markets rose 2.6% year over year to $396,900. Over the same period, the weighted median price of a single-family waterfront property recorded an 8.3% decline to $424,900, while at the same time, the weighted median price of a standard condominium in recreational markets remained stable, increasing 1.0% in 2023, compared to 2022, to land at $328,100.
According to a survey of Royal LePage experts working in the province’s resort real estate markets,2 87% said that recreational property buyers require purchase financing. Meanwhile, when asked about the impact of expected interest rate cuts on demand for recreational properties in their region, 91% of respondents said they expect an increase in demand, including 10% who believe activity will increase significantly.
“You’d think that homebuyers in resort markets would be less concerned about interest rate fluctuations. However, the majority of recreational property buyers are financed, either for the full market value or for a fraction of it,” said St-Pierre. “The slowdown in buyer demand in these markets in 2023 was therefore also impacted by rising borrowing costs, which reached a 20-year high this year.”
Forecast
As the downward adjustment in interest rates looks increasingly within reach in 2024, Royal LePage expects a resurgence in real estate demand in Quebec’s resort markets, namely from buyers who have been waiting for lower interest rates to return to the market to acquire a property. At the same time, sellers will be taking the opportunity to put their properties on the market, and will be trying to get the best possible price, relying on increased competition from buyers. This surge of activity is likely to occur early this spring, as winter weather has quickly given way to warmer temperatures.
“The modestly more favourable mortgage environment expected in 2024 should stimulate demand.
Highlights:
- In 2023, the weighted median price of a single-family home in Quebec’s major resort markets appreciated by 2.6% compared to 2022, to $396,900
- In the province, the weighted median price of a single-family waterfront property decreased 8.3% in 2023 versus 2022, to $424,900
- The weighted median price of a standard condominium in recreational regions studied remained stable, increasing 1.0% compared to 2022, to $328,100
- 91% of Royal LePage recreational property experts in the province expect activity in their market to intensify when the Bank of Canada lowers interest rates
- The end of financing for the purchase of properties in 0-20-year flood zones, effective February, 2024, is causing concern in some recreational areas of the province
- Royal LePage forecasts that the median price of a single-family home in Quebec’s recreational regions will increase 2.0% in 2024, compared to 2023, to $404,838