Montreal's affordability drives much of its sales growth

Montreal’s relative affordability is fuelling an unparalleled dynamism that has pushed the market towards its 48th straight month of sales growth in February, according to the latest figures from the Quebec Professional Association of Real Estate Brokers (QPAREB).

The metropolitan market’s residential transactions increased by 8% annually last month, ending up at a total of 4,370 transactions.

Average sales prices were cited as a major factor in this trend, with Montreal’s condos remaining flat at $250,000 in February. Single-family homes increased by a modest 3% year-over-year (reaching $320,000), while plexes saw 8% price growth (up to a still-affordable $522,000).

Condos transactions enjoyed a 14% annual increase last month to reach 1,588 completed deals. The number of single-family homes sold in February was 4% greater than the activity during the same time last year (2,436 transactions), while that of plexes went up by 7% during this time frame (339 sales).

Read more: Economy, employment boost purchasing power in Montreal

In a report earlier this year, the Canadian Real Estate Association stated that Montreal’s housing market growth will soon outpace that of Vancouver.

The total dollar value of property transactions (seasonally adjusted) in Montreal expanded by 18% year-over-year in January, up to $1.63 billion. In contrast, Vancouver’s suffered a 42% decline to $1.7 billion.

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