Greater Montreal’s housing market appears to have been on fire of late but marketing slipped 3% year-over-year continue for month—the first time that’s managed in six years—according within data from the Quebec Skilled Association of Real Estate Brokers (QPAREB).
The Island of Montreal, but saw sales rise simply 6% during the period, driven by condominiums , for which sales upsurged by 16%.
“Condominium sales compensated for the decrease in single-family home sales in February. The drop in inventory of properties for sale and the skyrocketing prices of single-family homes partly explain the increase in condominium and plex [multi-family] transactions,” Charles Brant, director of market analysis at the QPAREB, said in a release. “The gap between the median price of condominiums in the downtown Montreal area (decreasing) and the median price of condos in the suburbs (sharply increasing) is narrowing significantly.”
According to the board’s data, condo sales declined by 32% in Saint-Jean-sur-Richelieu, 14% in Laval, 10% in Vaudreuil-Soulanges. 8% on the South Shore, and by 3% on the North Shore.
The QPAREB describes Montreal as a seller’s market, with average prices maintaining their upward trajectory because of rampant multiple offer situations that have resulted in overbidding. The median price of a single-family home in the city rose by 28% year-over-year in February to $460,000 from $360,000, and condo prices surged by 24% to $340,000 from $275,000 in February 2020, while multi-family buildings (between two and five units) saw a 9% increase to $650,000 from $599,000.
Active listings in Montreal decreased by 26% last month to 11,355 from 15,308 in February 2020, while new listings fell by 5% to 6,253 from 6,608.
Mortgage broker George Macris of Dominion Lending Centres Centre-Ouest in Montreal says that Montreal’s housing market isn’t showing any signs of cooling, and he anticipates “a few more good years.”
“We’re catching up to the B.C. and Ontario markets,” he told FOLKS . “Montreal is the spot to be, as evidenced from your low supply and sought after. There are more people than ever getting into real estate. ”
Prices are rising thus fast, in fact , that Macris has to frequently adjust a first-time buyer clients’ preapprovals because properties are selling 5-10% over asking.
“I came up with client recently place a suggestion $80, 000 over will need price and after multiple shows they were able to secure the property or house. From the feedback I’m procuring from clients, it seems that every last single property listed will receive diverso offers within a few days through the property being listed. I also have had a few clients attempt to hold off until next year. ”