Condo activity in Quebec defies the usual trends
Defying trends in other major Canadian housing markets, Quebec saw strength in condominiums offset a sharp drop in single-family home sales last month.
However, while the Montreal market drove much of that growth, overall sales actually declined slightly by 3% per year in February, for a total of 5,106 units sold that month.
During the same period, new listings in Montreal fell 5% to 6,253 properties, while active listings fell 26% to 11,355 homes for sale.
Combined with sustained demand, these trends are driving double-digit price growth in most categories of residential assets, according to the Professional Association of Real Estate Brokers of Quebec.
“With market conditions still very favorable to sellers, median prices continue to accelerate dramatically in an environment of higher bidding,” QPAREB said in its latest report.
Condo units in the region saw their median price increase 24% year over year to stand at around $ 340,000 in February. Meanwhile, single-family homes saw a 28% annual price gain to about $ 460,000, and plexes were up 9% to around $ 650,000.
“Lower inventory of properties for sale and soaring prices for single-family homes are part of the reason for the increase in condominium and plex transactions,” said Charles Brant, director of market analysis at QPAREB. “The gap between the median price of condos in downtown Montreal (down) and the median price of condos in the suburbs (up sharply) is shrinking considerably.