Montreal's multi-family segment enjoyed significant gains last month

Montreal's multi-family segment enjoyed significant gains last month

Montreal

Among Montreal residential asset classes, multi-family housing registered the strongest sales growth last month, according to the Quebec Professional Association of Real Estate Brokers.

Of these property types, plexes (those with two to five dwellings) posted the largest sales increase in October, with a 22% year-over-year growth for a total of 476 transactions. Their median price also went up by 7% to around $560,000.

Condo units exhibited robust performance as well, having risen by 11% during the same time frame for a total of 1,509 sales. Their average value went up 6% to around $280,000.

Single-family homes did not lag behind, with a sharp 14% annual increase for a total of 2,220 transactions. This housing type saw the strongest gain in sales price, with an 8% year-over-year upsurge to $355,000.

Overall residential sales for the market clocked in at 4,211 last month, representing a 14% increase from the same time last year.

Meanwhile, the city’s total housing inventory shrunk for the 49th straight month in October, with 16,874 active residential listings on the Centris system. This was fully 20% lower compared to last year – indeed, the most significant October decline since 2002.

“October’s real estate market continued to follow a similar dynamic to that observed since the start of last spring,” QPAREB president and CEO Julie Saucier said.

“Like the Island of Montreal, most of the outlying areas are also undergoing a rapid tightening of market conditions and an acceleration in price increases, all property categories combined,” she added.