According to the Greater Montréal Real Estate Board - The Bank of Canada's cutting of the key interest rate is reassuring for Montréal area home buyers

L'ÎLE-DES-SŒURS, QC, July 15, 2015 /CNW Telbec/ - The Greater Montréal Real Estate Board (GMREB) welcomes the quarter percentage-point cut in the key interest rate announced today by the Bank of Canada. The rate was cut from 0.75 per cent to 0.5 per cent.

"This most recent cut, combined with the surprise rate cut in January, is excellent news for consumers who are considering buying a property in the Montréal Metropolitan Area," said François Bissonnette, President of the GMREB Board of Directors. "It should have a positive impact on housing affordability, in addition to helping support the city's economy," he added.

This news is also reassuring for home buyers, said Mr. Bissonnette. "The risk of a possible increase in mortgage rates has once again been put on the back burner. For consumers, the time is right to buy a home."

Real estate forecasts for 2015 revised upwards in the Montréal area

The real estate market has been performing well in the Montréal Metropolitan Area since the start of the year. In fact, it was doing so well that the Québec Federation of Real Estate Boards (QFREB) recently revised its real estate forecasts upwards. Thus, for Montréal, residential sales are expected to increase by 6 per cent in 2015, while its initial forecast was for an increase of 2 per cent. The QFREB also predicts that the median price of single-family homes will increase by 2 per cent to reach $288,000, while that of condominiums will increase by 3 per cent to reach $236,000.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 9,300 members: real estate brokers. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.

SOURCE Greater Montréal Real Estate Board

Manon Stébenne, Manager, Communications and Public Relations, Greater Montréal Real Estate Board, Tel.: [phone], ext. 157, [email protected]