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08-28-2006, 09:06 AM
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Join Date: Jul 2003
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Originally Posted by beowulf View Post
Real estate is crazy anywhere. My parents house in the west island was bought about 20 years ago for 200k or so and these days they are getting real estate agents telling them they could get 500k minimum and probably even more. Hell I just bought the townhouse in south ottawa in an area called Barhaven. It is sort of like the west island 20 years ago. The place I got cost me 236k but talking to some locals including my uncle who lives in Orleans and they all say that the place will gain at least 10k over the next couple of years easy if not more. Real estate in most of Canada is going crazy.
Yes I think it's probably of sign of our strong economy at the moment. But there's no secret there, the higher the demand, the higher the prices, and downtown Montreal the demand is through the roof. You just have to look at new condo projects being built there, all the affordable (300K or less) units are selling like hot cakes. So much so that I visited a project near the Bell Center on René-Lévesque and went back 2 weeks later for a more in depth research about 2 units I was considering, they were both gone! They can charge wathever they want, keep building cheaper and smaller while jacking the prices, people are still buying.

I think I'm at the worse possible time to buy but I said to myself that I would not "settle". If I can't find anything I like on all fronts (location, price and space), I'll wait for the market to drop.

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