Montreal tracking to record sales year
January 17, 2018
Montreal had a bigger increase in housing sales than either Toronto or Vancouver in 2017, and is on pace to set a record for residential transactions in 2018, according to the Quebec Federation of Real Estate Boards (QFREB).
Housing sales in Greater Montreal increased eight per cent last year but spiked above 20 per cent in five boroughs and by 15 per cent on the Island of Montreal, compared to a year earlier.
Meanwhile there were sales decreases of 18 per cent in the Greater Toronto Area and 10 per cent in Greater Vancouver, though both cities had higher house prices, and Toronto had higher sales, than Montreal.
More than 14,000 condos changed hands across the island of Montreal and suburban communities last year, a 17 per cent increase from 2016.
Paul Cardinal, manager market analysis for the QFREB said the last time growth in Montreal sales outpaced Toronto and Vancouver was in 1998.
The average price of homes in the Greater Montreal Area increased nearly six per cent to $364,510. That was the largest increase since 2010, with single-family homes posting the highest price hikes.
The QFREB forecasts another strong year in 2018 with the number of housing sales expected to increase a further 5 per cent.
“That would lead us to a new record so we would beat the 2007 mark,” Cardinal said.
Average home prices are also expected to increase almost 5 per cent.