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T

he local market has rebounded from the years of doldrums that we experienced. Today, the classic waterfront property that is ready to move into is rarely available. As a result, we can tentatively declare ourselves to be in a seller's market, at least on the waterfront.

Together with the low exchange rate for the dollar, low interest rates, a fairly good employment picture, the shyness regarding the stock market, September 11th, the demographic shift to the Baby Boomer generation, the quiet politics and the Tremblant phenomenon, we are experiencing a period of confidence in the future, and demand. At the same time, all of those points listed above are encouraging owners to be grateful that they have places, and to hold on to them.

Looking at the long picture, if your plans are to sell the country property over the next five years or so, your best move might be to play to the current market. Night always follows day, and, up here, the market has been dark for a while.

In 1987 to '89, we experienced a strong market period, but sellers who waited for the spring of 1990 ended up selling at reduced prices over the next four years. In 1980, rapidly increasing prices were quickly absorbed in a period of runaway inflation. Lucky vendors got out during the summer of 1976, but who could say that they were smart? Who knew?

A few years ago, it was possible to look at four to six houses before making a purchase decision. In some cases, buyers would base the decision on which vendor accepted their low offer. Many buyers were overwhelmed by the number of choices, and did nothing. The prices that people paid then are simply not available today. Three years ago, we had numerous sales of large waterfront properties on mid- to large-sized lakes with houses that sold under $200,000. Today we simply don't have them.

The Laurentian market follows its own cycle, especially in the greater Ste. Agathe area. It is hard to predict and has been a buyer's, more often than a seller's, market for most of the last 26 years. Even before that, factors like Expo '67, which kept so many people in Montreal for the summer, had a negative impact on our market. Properties tended to pile up for sale because so many potential buyers were doing something else. It doesn't take much.

Locally, a seller's market can be defined as one where the seller has the confidence that another buyer is out there, nearby, waiting. In a buyer's market, the seller doesn't have that confidence, and knows that the next offer may be a year away, or more.

In summary, if your country house has become more important to you as an investment than as a destination, it is a good time to consider cashing in.

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