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Montreal`s Real Estate Market Outpaces Toronto & Vancouver For First Time In 20 Years

Montreal`s Real Estate Market Outpaces Toronto & Vancouver For First Time In 20 Years

 

 

Montreal`s Real Estate Market Outpaces Toronto & Vancouver For First Time In 20 Years

Montreal’s real estate market is heating up as competing markets in Toronto and Vancouver cool off, according to new data from the Canadian Real Estate Association (CREA). 

Montreal was one of Canada’s fastest growing real estate markets in 2017 as low unemployment and strong economic growth translated into the area’s best sales growth in more than a decade. Total sales in the Greater Montreal Area increased eight per cent on the strength of condominium sales and good overall activity on the Island of Montreal. Total sales growth exceeded 20% in five of the city’s most popular boroughs. More than 14,000 condos changed hands across the Island of Montreal and nearby communities during the year, marking a 17% increase from 2016. 

The overall sales growth in Montreal exceeded the expectations of analysts, and was far ahead of both Toronto and Vancouver. Real estate sales decreased 18% in the Greater Toronto Area and 10% in Greater Vancouver during the same period. The last time growth in Montreal sales outpaced Toronto and Vancouver was in 1998, according to CREA. 

Some analysts speculated that the rise in sales across Montreal is due to the fact that, unlike Toronto and Vancouver, Montreal does not have a foreign buyer’s tax levied on real estate transactions. Whatever the underlying cause, demand was particularly strong for luxury accommodations in Montreal. Sales of homes exceeding $1 million rose 20% in Greater Montreal and condos priced above $500,000 were up 42%. The total value of sales grew 13% to $16.2 billion, about half of which was on the Island of Montreal. 

Montreal capped a strong year with total sales across Greater Montreal increasing 10% to 2,781 in December. That included a 35% increase in condo sales. Total active listings fell nine per cent from a year ago. While sales on the Island of Montreal increased 15%, it was outpaced by Laval at 20%.
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