Last Updated on October 24, 2023 by Ephraim Vecina
The Montreal residential real estate market is steadily shaping up as one of Canada’s strongest performers in terms of sales, according to the latest data from the Greater Montreal Real Estate Board.
In September, the city’s inventory shrunk by 17% on a year-over-year-basis, down to 21,227 active residential listings.
Market activity also reached a 9-year record-high for that month, growing by 8% annually for a total of 3,220 transactions.
“Montreal’s real estate market has been performing exceptionally well, as sales have increased for 43 consecutive months now, ever since March of 2015,” GMREB board of directors interim president Nathalie Bégin said.
Bégin attributed the market’s strength to a growing range of buyers gravitating towards the city’s relative affordability, especially when compared to other powerhouses like Toronto and Vancouver.
Montreal’s median single-family home price rose by 7% in September (reaching $336,000). Condo median prices experienced 4% year-over-year growth (up to $263,000), while plexes had a slightly faster 6% increase in that period (up to $504,040).
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Condos were a significant focus of demand, with sales spiking up by 23% (up to 1,206).
“Before, people were getting condos because that was the only thing they felt they could afford. Now there’s a wider range of condo forms and values, so people are finding it more attractive,” Sotheby’s International Realty Canada chief executive Brad Henderson stated, as quoted by The Canadian Press.
Meanwhile, activity in the single-family segment last month was essentially unchanged compared to the same time last year (at 1,660 transactions). Among plexes, activity modestly went up by 1% (up to 349 sales).
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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