Plexes and condos are Montreal’s powerhouse residential assets

Montreal’s plexes and condos are seeing increased popularity, providing significant contributions to the market’s home sales volume last month.

According to latest figures from the Quebec Professional Association of Real Estate Brokers, the city’s sales volume across all housing types was 3,698 transactions in July. This was 16% larger year-over-year, and represented a new high point for that month.

Plex and condo sales respectively had 23% and 16% growth during the same time frame.

“The sales growth that we’ve been witnessing since the start of the year reached a new peak in July with the largest increase in sales since May 2017,” QPAREB board of directors president Nathalie Bégin said.

“What’s remarkable is that the resale market continues to be so strong after 53 consecutive months of increases.”

The average price of plexes increased by 10% annually in July, ending up at $583,000. Meanwhile, condos had 5% growth in value, up to $278,600.

Montreal’s active listings shrunk for the 43rd straight month, “thereby accelerating the tightening of market conditions in a context where sales are setting new records at the same time,” the QPAREB’s report added.

The market’s Centris system recorded 16,898 active residential listings last month, which was 20% lower compared to July last year. The drop was also the largest monthly decline in active listings since March 2010.

 

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