The value of Montreal’s residential property is seeing sustained growth thanks to a booming economy attracting hopeful home buyers from all over Canada, according to the latest figures from the Quebec Professional Association of Real Estate Brokers (QPAREB)
The market’s benchmark price for single-family homes increased by 3% year-over-year in January, reaching $316,000. Meanwhile, condos had 2% growth to arrive at $248,271. Plexes had a 4% rise during the same period, settling at $515,000.
The numbers supported the observations of professional services firm Shupilov Real Estate, which reported recently that Montreal has become a highly sought after sellers’ market. Aside from the price growth, galvanized competition was a significant factor that drove sales.
Read more: Montreal leads country’s metro areas in price growth
“This is especially true in the single family home segment, where bidding wars are increasingly common and offers are more likely to be accepted above the original asking price,” Shupilov’s analysis explained.
This level of demand has steadily eaten up the market’s inventory, with the number of active residential listings in the CMA falling by 16% year-over-year last month (down to 20,873 properties for sale).
Montreal’s sales enjoyed its 47th straight month of sales growth in January, with activity increasing by 15% annually, the QPAREB added.
This is despite plexes having 3% lower transactions. Strong performances in the single-family and condo markets, which both saw increases of 17%, carried the market hard.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate