The metropolitan area's sales activity grew for the 48th consecutive month
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Montreal’s residential sales activity went up to a total of 4,370 transactions last month, the Quebec Professional Association of Real Estate Brokers (QPAREB) announced in its latest data release.
This represented 8% annual growth, making February the 48th straight month of sales growth.
Four of the six main areas of the Montreal CMA exhibited sales growth during the month, with stand-out market performances from the North Shore (up 17% year-over-year), Laval (up 16%), the South Shore, and Saint-Jean-sur-Richelieu (both up 10%).
Breaking down by housing type, the number of sales involving single-family properties increased by 4% annually to reach 2,436 transactions. Condos had an even more impressive 14% upswing (1,588 sales), while plexes had a respectable 7% (339 sales).
Read more: Mortgage holders 25-64 years old dominate Montreal, Québec City
The demand bit off a considerable portion of the region’s available homes, with the total number of active residential listings in the Montreal CMA at 22,252 last month, approximately 15% lower than the same time last year.
As for median prices, single-family homes grew by 3% to end up at $320,000. Meanwhile, condo prices were flat at around $250,000. Notably, plexes enjoyed 8% annual growth in sales value, reaching $522,000.
In a January report, the Canadian Real Estate Association stated that Montreal is now in a strong position to overtake the pace of the Vancouver housing market’s growth in the near future.
The total dollar value of property transactions (seasonally adjusted) in Vancouver fell by 42% over the 12 months ending January 2019, down to $1.7 billion. In stark contrast, Montreal’s shot up by 18% to $1.63 billion.
