Montreal multi-family activity boosted market’s July home sales

Montreal multi-family activity boosted market’s July home sales

Montreal multi-family activity boosted market’s July home sales

Montreal’s multi-family housing segment saw accelerated sales and average transaction prices last month, according to latest figures from the Quebec Professional Association of Real Estate Brokers.

“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.”

Activity across all housing types was at a total of 3,698 transactions in July, 16% larger on an annual basis and reaching a new high point for that month. Plex and condo sales saw 23% and 16% year-over-year growth, respectively.

The average prices of these asset classes reflected their growing popularity. Plexes saw their value rise by 10% annually in July, reaching $583,000. Condos had a relatively more modest 5% increase, up to $278,600.

Meanwhile, Montreal’s active listings fell 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 decline was also the largest monthly shrinkage in active listings since March 2010.