The value of Montreal\u2019s 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)<\/p>\n
The market\u2019s 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.<\/p>\n
The numbers supported the observations of professional services firm Shupilov Real Estate, which reported recently that Montreal has become a highly sought after sellers\u2019 market. Aside from the price growth, galvanized competition was a significant factor that drove sales.<\/p>\n
Read more: <\/p>\n
\u201cThis 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,\u201d Shupilov\u2019s analysis explained.<\/p>\n
This level of demand has steadily eaten up the market\u2019s 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).<\/p>\n
Montreal\u2019s sales enjoyed its 47th straight month of sales growth in January, with activity increasing by 15% annually, the QPAREB added.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
The value of Montreal\u2019s 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\u2019s benchmark price for single-family homes increased by 3% year-over-year in January, reaching $316,000. Meanwhile, condos […]<\/p>\n","protected":false},"author":5,"featured_media":20579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8200"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8200"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8200\/revisions"}],"predecessor-version":[{"id":21709,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8200\/revisions\/21709"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/20579"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}