Montreal’s housing market will continue to witness “dynamic” growth this year, with sales reaching a new record high, according to the latest projections by the Quebec Professional Association of Real Estate Brokers (QPAREB).
The Montreal Census Metropolitan Area (CMA) posted 51,329 residential sales in 2019, equivalent to a 10% yearly increase. The region clocked its fifth consecutive annual increase of more than 5% last year, with the annualised average hitting 6.9% since 2015.
“The performance of the Montreal real estate market in 2019 was the reverse of what had been anticipated 12 months ago, in a context where interest rates were expected to rise,” said Charles Brant, economist and director of the QPAREB’s Market Analysis Department.
All main geographic areas of the Montreal CMA registered an increase in sales over the year, particularly the large areas on the periphery of the Island of Montreal.
Of all neighbourhoods, Saint-Jean-sur-Richelieu reported the biggest jump in sales at 21%, followed by South Shore’s 15%, North Shores 14%, Laval’s 13%, and Vaudreuil-Soulanges’ 7%.
In terms of property types, condominiums stood out for the fourth consecutive year, reporting an increase of 14% in sales. The transactions for single- and multi-family homes also increased by 7% and 10%, respectively.
“The number of transactions in the Montreal CMA will reach a new high of 54,600 sales in 2020,” Brant said.
Multi-family homes recorded the highest increase in median price, rising 7% to $550,000. This was followed by single-family homes’ 6% growth to $340,000. The median price of condominiums also grew by 5% to $267,900.
Brant said the Montreal CMA will continue to outperform the province of Quebec as a whole due to more sustained population growth.
“Price growth will also be stronger there than elsewhere in Quebec,” he said.
According to QPAREB’s price-growth projections, median prices of single-family homes and condominiums will grow by 6% this year to $360,700 and $285,200, respectively.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Written by Canadian Real Estate Wealth.
View the original article at here.
Canadian Real Estate Wealth