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Montreal Real Estate Market Strong with Spring in Sight

Montreal Real Estate Market Strong with Spring in Sight
2 min. read

Image: mat277/Shutterstock.com

In February 2019, with the end of winter just around the corner, the Montreal real estate market largely regained the vigor that was seen through most of last year. Greater Montreal Area real estate showed some healthy growth compared to the previous February but this was accompanied by a large decline of 15% in active listings, while in Montreal Island the number of active listings declined by a similar amount though sales were not as strong.

The Quebec Professional Association of Real Estate Brokers reports that compared to the previous month, median prices of residential homes in February 2019 generally experienced slight increases—single-family homes in the centre of the city being one exception to this. The total volumes of both sales and transactions demonstrate that a much more active real estate market is upon us:

 February 2019January 2019
Total No. of Transactions Montreal Metro4,3702,976
Total Transaction Volume Montreal Metro$1,606,314,059$1,086,931,980
Total No. of Transactions Montreal Island1,5011,015
Total Transaction Volume Montreal Island$723,839,969$491,828,041

The total number of listings in the centre of Montreal that sold in February 2019 remained fairly stable compared to the same month last year, with a decrease of only 1%. There was a 12% decrease in single-family homes in Montreal, but compensation for this was provided by increases of 4% and 9%, respectively, in plexes and condos in Montreal. This steady trend was not shown all across the Montreal Metropolitan Area, however, and most places experienced significant increases in sales compared with February 2018:

AreaFeb 2018 - Feb 2019 Difference
in Total Numbers of Sales
Montreal Island-1%
North Shore17%
South Shore10%

The median sale price figures over the last 12 months, when broken down by property type, tend to show slight increases across all areas of the Montreal Metropolitan Area, with properties on Montreal Island showing stronger figures for condos and plexes than for single-family homes:

Housing Type on Montreal IslandMedian Price Feb 2019Median Price Feb 2018Difference
Plex (2 to 5 units)$589,500$545,0008%

Montreal’s housing market looks to be thriving well when compared to Canadian as a whole, and it is overtaking Vancouver as the country’s second biggest market. Although it’s Canada’s second largest city—not to mention the French-speaking population’s business capital—it didn’t see the same boom that inflated prices in Vancouver and Toronto, which in turn meant that it wasn’t subject to new regulations intended to cool it off.

Montreal has generally been a sellers’ market so far this year. On the assumptions that no new market-inhibiting real estate regulations will be enforced here and that the trend of few new listings coming online continues, it could be predicted that this situation might not change in the immediate future.

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