Montreal's residential market continues to blaze brightly

Amid intensified sales, inventory shrinks by nearly 1/5

Montreal's residential market continues to blaze brightly

September 2018 marked yet another month in Montreal’s long-running streak of home sales gains, as well as a 9-year record-high for that month.

The city’s residential property market experienced 8% year-over-year growth in sales in September for a total of 3,220 transactions, according to new data from the Greater Montreal Real Estate Board.

“Montreal’s real estate market has been performing exceptionally well, as sales have increased for 43 consecutive months now, ever since March of 2015,” GMREB board of directors interim president Nathalie Bégin said.

During the same year-over-year period, the city’s inventory shrunk by 17% down to 21,227 active residential listings.

Read more: Demand for Montreal’s plexes on an upswing

While activity in the single-family segment last month was essentially unchanged on a year-over-year basis (at 1,660 transactions), condo sales shot up by 23% during the same time frame (up to 1,206).

“Before, people were getting condos because that was the only thing they felt they could afford. Now there’s a wider range of condo forms and values, so people are finding it more attractive,” Sotheby’s International Realty Canada chief executive Brad Henderson stated, as quoted by The Canadian Press.

Among plexes, activity inched up by 1% (up to 349 sales).

The market’s dynamism is fuelled by a growing range of buyers attracted to the city’s relative affordability, the GMREB said.

Montreal’s median single-family home price rose by 7% on an annual basis in September, reaching $336,000. Condo median prices had a slightly slower 4% growth (up to $263,000), while plexes saw a 6% increase in that period (up to $504,040).