Residential Market Commentary – The temperature may be dropping, but Montreal is heating up
Never mind Vancouver. Do not bother with Toronto. Canada’s hot housing market du jour is Montreal.
While Toronto and Vancouver have been getting all the attention as the busiest, most expensive and most volatile markets in the country, Montreal has been on a sales and price appreciation roll for 43 consecutive months.
In September, Montreal home sales hit a nine year high; 3,220 units (led by 1,206 condominium transactions), up 8% compared to a year ago. Year-over-year prices climbed 7% for single-family homes ($336,000), 6% for plexes ($504,000) and 4% for condos ($263,000).
In Vancouver, year-over-year sales declined from February through August. In Toronto, gains have been modest. September sales were up just 1.9% compared to 2017. Prices were up about 2%.
High prices, rising interest rates and foreign buyer taxes appear to be weighing down the two top markets. Montreal, meanwhile, is enjoying the benefits of good immigration, economic growth, consumer confidence and public infrastructure projects, according to the local real estate board.