Demand for Montreal's plexes on an upswing

The city’s housing market has seen its 42nd straight month of sales growth

Demand for Montreal's plexes on an upswing

In its latest data release, the Greater Montreal Real Estate Board stated that sales of plexes experienced the greatest growth in sales (14%) across the CMA last month, outstripping the pace of gains in the still well-performing condo segment (12%) and the just-recovered single-family market (5%).

Overall, based on figures from the broker industry’s Centris database, a total of 3,224 residential property transactions were completed in August 2018, increasing by 8% year-over-year and establishing a record-high for that month.

August 2018 also represented the 42nd consecutive month of growth in Montreal’s residential sales numbers.

Read more: Montreal housing sales increase for the 41st straight month

The city’s available stock was at 20,940 active residential listings last month, falling by 16% compared to the same time last year.

“With a high demand and low supply of properties for sale in the Montreal area for several months now, market conditions for resales are becoming tighter and are giving sellers the upper hand, and this applies to all property categories,” GMREB board of directors president Mathieu Cousineau said.

The benchmark price of plexes grew by 10% year-over-year, up to $515,000. Meanwhile, condos saw a 4% rise in value in that same time frame (up to $260,000), and single-family home prices increased by 5% (up to $330,000).