Photo: Jason Thibault/Flickr
It’s been a long time since Montreal home sales slowed down — years, in fact.
April was the 50th straight month that homes sales increased on an annual basis in the Montreal census metro area, the Quebec Professional Association of Real Estate Brokers reports.
Across the Montreal CMA in April, a total of 5,973 homes changed hands, up 11 percent from the same month a year ago.
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Single family home sales numbered 3,286, a year-over-year increase of 6 percent, while condo sales surged 17 percent to a total of 2,190 units. Sales of plex dwellings, which the association counts as having two to five dwellings, rose 12 percent as 492 transactions were recorded.
With sales activity on a hot streak, prices continue to rise.
The median price of a single-family home was $330,000, climbing 4 percent annually, and the median price of a condo was $260,000, up 6 percent over the same period. Plex pricing soared 8 percent on a year-over-year basis reaching $540,000.
The Montreal market doesn’t look to be slowing down any time soon, with home sales in the census metro area expected to hit an all-time high this year while prices continue their ascent.
“We anticipate that 2019 will continue to be a seller’s market,” says Anouk Vidal, vice-president of the QPAREB board of directors, in an email statement sent to Livabl.
“It should also see a record number of sales with increased prices, particularly for single-family homes on the Island of Montréal and central areas,” Vidal continues.
However, the Montreal market may soon face a potential headwind.
“Despite good job performance, the impact of rising interest rates should begin to be felt in 2019,” Vidal notes.
First-time homebuyers have been particularly active this spring, boosting homes sales. But rising interest rates pose more of a hurdle for these buyers typically, so that should curb at least some activity in the year’s second half. “We are monitoring the situation closely,” Vidal says.