Photo: Hubert Figuiere/Flickr
Montreal home sales have been moving steadily upwards for years, and June was no exception.
The city saw its 40th consecutive monthly sales increase last month, according to the latest data release from the Greater Montreal Real Estate Board, as it continues to enjoy a boost in demand from years of strong immigration.
The one per cent month-over-month increase came largely on the back of the city’s condo market, which saw a 7 per cent year-over-year sales increase last month.
Meanwhile, prices have been creeping upwards, as the median price of a single-family home rose one per cent year-over-year to $325,089, while the median price of a condo rose from $255,000 to $256,000.
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“The strength of the market is built on incredibly strong fundamentals,” Quebec Federation of Real Estate Boards (QFREB) market analysis department manager Paul Cardinal tells Livabl.
An astonishing 105,000 jobs have been created in the area in the last two years, sending the unemployment rate plunging downwards. Combined with increased migration and consumer confidence at a 15-year high, demand in the area continues to grow at a rapid pace.
As demand rises, listings are dropping — active home listings fell 17 per cent year-over-year to just 22,333 last month. The tighter market could push prices higher in the coming months.
“In terms of prices, growth will be stronger in Montreal [than in the rest of the province],” reads a statement from the QFREB. “It is a seller’s market for single-family homes, while the conditions are more balanced for condominiums.”
QFREB also notes that the city is set to receive a surge of immigration in the coming year.
“It is also important to point out that the vast majority of immigrants to Quebec choose to settle in the Montreal area, which creates new housing needs, a phenomenon that should continue this year,” writes the QFREB.