Montreal continues to surpass the once-blazing markets of Toronto and Vancouver in terms of home price growth, according to the Teranet–National Bank of Canada House Price Index covering February 2019.
The city’s real estate prices have reached a historic high in February, growing by 0.36% from the previous month and 5.15% year-over-year. This annual increase has made Montreal the only market among Canada’s 11 largest cities to establish a new record.
For perspective, the Teranet HPI found that overall prices nationwide fell by 0.4% month-over-month in February, and are only 1.87% higher than the same time last year. In fact, the year-over-year increase was noted to be the third smallest non-recession increase, behind July and August of last year.
“The market peak was reached in September 2018, and prices are down 1.43% from there,” Better Dwelling stated in its analysis of the Index.
Toronto suffered a 0.22% January-February decline, and a 3.56% annual increase. Meanwhile, Vancouver fell by 0.68% monthly, and shrunk by 1.11% year-over-year.
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Earlier this month, the Quebec Professional Association of Real Estate Brokers announced that Montreal home sales went up to a total of 4,370 transactions in February, growing by 8% annually and representing the 48th consecutive month of sales growth.
Four of the six main areas of the Montreal CMA saw increased sales during the month. The North Shore (up 17% year-over-year), Laval (up 16%), the South Shore, and Saint-Jean-sur-Richelieu (both up 10%) all benefited from the region’s positive economic environment.
Condos had the strongest February performance, with sales rising by 14% year-over-year (up to 1,588 transactions). Meanwhile, plexes activity went up by a respectable 7% (339 sales) during the same time frame, and single-family homes had a 4% increase (2,436 sales).