While Montreal’s housing market is renowned for its relative affordability, especially when compared to powerhouses like Toronto and Vancouver, the city’s luxury segment proved to be no slouch as it boasted of remarkable sales growth last year.
Transactions involving single-family properties worth more than $1,000,000 went up by 18% in 2018, while sales of condos worth more than $500,000 grew by 30%, according to the Quebec Federation of Real Estate Boards.
This activity impelled the market’s sales to reach a record high last year, with a total of 46,753 deals across all housing types. The 2018 figures represented 5% growth over 2017, and marked the 4th consecutive annual increase in transactions.
Read more: Montreal leads country’s metro areas in price growth
Condos (overall) experienced 14% growth last year, while plexes (2 to 5 units) had 3% more sales. Single-family homes went up by a relatively meek 1%, which still did not dent the region’s new sales record.
“Generally speaking, 2018 ended with market conditions clearly in favour of sellers for single-family homes, condominiums, and plexes. The scarcity of supply of single-family homes as compared to the demand is undeniable on the Island of Montreal, where the number of months of inventory is slightly less than five,” the QFREB noted.
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