In recent years, the Montreal suffered from a condo surplus, but by last year absorption rates rose considerably. Not surprising, says Montreal-based Chartered Broker, Amy Assaad, of Royal LePage.
“The market is busy, condos this year are moving,” she said. “There’s a lot less inventory on the market. We had a record-breaking year of sales, where a lot of products were delivered this year. In general, the market for condos is great; it’s a major contrast to the last few years.”
Single-family home sales didn’t rise quite as high, but at 1,807 sales—an 8% increase over November 2016—all indications are that Montreal’s real estate market has come to life.
Montreal had a total of 3,348 residential sales by the end of November—an eight-year high.
“Things are going well here,” said Assaad. “We have record-breaking low unemployment and the economy is strong. There’s a lot of confidence in the marketplace and no foreign buyer tax, so a lot of foreigners are comfortable here.”
Assaad says that many foreign buyers are purchasing luxury condo units for their children, who move to Montreal to study. Quebec has the lowest tuition rates on the continent, and while foreign students pay international rates, becoming a Quebec resident isn’t a lengthy process.
“A lot of people are buying for their kids because Montreal is a strong university town,” she added, “so a lot of foreigners are buying here and they feel welcome.”
Most condo sales are concentrated in the city’s downtown, as well as in Griffintown, the up-and-coming neighbourhoods refer to “the new Plateau,” named after the eclectic Plateau-Mont-Royal neighbourhood renowned for its cafes, bars, and arts communities.
Activity in the city’s condo sector was so frenetic that it set a sales record for November. According to the Greater Montreal Real Estate Board, the 1,137 sales accounted for a 23% year-over-year increase, however, those numbers jumped significantly in the city’s south and north shores to, where condo sales were up 33% and 53%, respectively.