Condos are the most desired assets in this thriving market

by Ephraim Vecina on 09 Nov 2018

Montreal’s housing market owes much of its vigor to the condo apartment segment, which saw its sales volume increase for the 45th straight month in October.

Buyers and investors alike propelled the 22% year-over-year increase in the city’s condo sales (up to 1,361 transactions), according to the Greater Montreal Real Estate Board.

“The condominium segment is booming. Thanks to strong sales and a sharp decrease in listings, the number of months of inventory has dropped significantly over the past year, falling from 10.2 months to 7 months,” GMREB Board of Directors president Nathalie Bégin said.

“This segment has moved from a buyer’s market to a seller’s market in just one year.”

Read more: List low, sell high in Canada’s hottest market

Montreal’s single-family and plex sectors showed positively timid performances, by comparison. The market segments only had 6% and 5% growth, respectively, compared to October 2017.

Across all asset types, total sales stood at 3,731, representing an 11% year-over-year increase. This ate into Montreal’s total inventory, which fell by 17% to reach 21,515 active listings.

 

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