A significant driver of Montreal’s current housing vibrancy is the condo segment, according to the latest report by the Quebec Professional Association of Real Estate Brokers (QPAREB).
The metropolitan market’s residential activity went up by 8% year-over-year in February, reaching a total of 4,370 transactions and marking the 48th consecutive month of sales growth.
Condos were mainly responsible for propelling Montreal to these heights, with sales of the asset class growing by 14% annually to reach 1,588 completed deals.
Meanwhile, the single-family sector held strong with a 4% rise during the same time frame, ending up at 2,436 transactions. Plexes had a respectable 7% upward movement, for a total of 339 sales.
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Another contributing factor to the popularity of Montreal condos was the median price, which stood flat at $250,000 in February. Meanwhile, single-family homes increased by 3% annually last month, reaching $320,000. Plexes had a more pronounced 8% price growth, ending up at an average of $522,000.
In a January report, the Canadian Real Estate Association stated that Montreal is well-placed to outstrip the pace of Vancouver’s housing market growth in the near future.
The total dollar value of property transactions (seasonally adjusted) in Vancouver shrunk by 42% year-over-year in January, down to $1.7 billion. In comparison, Montreal’s had a healthy 18% upswing to $1.63 billion.