Montreal home starts hit 20-year high
May 25 2018
Home building in Montreal crested a 20-year high in April, according to Canada Mortgage and Housing Corp. (CMHC), led by multi-family construction of new condos and rental units.
Resale housing prices are also on the rise in Canada’s second-largest city. The Teranet–National Bank House Price Index, which measures the resale price of houses and condos, rose 0.23 per cent from to March to April. It was up 3.93 per cent from April last year.
“Employment is good, consumer confidence is also relatively high at the moment, migration is positive, the population is increasing,” said Francis Cortellino, a principal market analyst at CMHC. “If you look at the fundamentals, all the elements are quite positive at the moment.”
CMHC said there are currently about 9,600 condos on the resale market, as well as around 1,900 new units.
In April, overall starts were up 59 per cent from April 2017, with multi-family home starts rising 75 per cent from 1,516 to 2,653.
According to numbers released by the Greater Montreal Real Estate Board earlier this month, condominium sales were up 18 per cent in April when compared with a year ago. The median condo price is up 2 per cent from a year ago to $245,300, while the median price of a detached house rose 4 per cent in the same period, to $317,000.