In the first quarter of 2023, the Montreal real estate market saw a surge in the number of condos sold. According to data from the Association professionnelle des courtiers immobiliers du Québec (APCIQ), the Greater Montreal Area saw a 32% increase in condo sales compared to the same period in 2022. This surge in sales is a positive sign for the Montreal real estate market, which has been on the rise in recent years.
The APCIQ report also showed that the average selling price of condos in the Greater Montreal Area increased by 11% compared to the same period in 2022. This is a significant increase and is attributed to the high demand for condos in the area. The report further indicates that the increase in demand has been driven by low-interest rates and an increase in population, particularly among young professionals.
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The data from APCIQ also reveals that while there was a significant increase in condo sales, the overall number of properties sold in Montreal decreased slightly by 2%. This indicates a shift in the market towards condos, which are becoming increasingly popular among first-time homebuyers and investors.
The demand for condos is also reflected in the rising number of new condo construction projects in the city. According to the Canadian Mortgage and Housing Corporation (CMHC), Montreal saw a record number of new housing starts in 2022, with over 35,000 new units being built. The majority of these units were condos, with a significant number of them being pre-construction sales.
The growth of the condo market in Montreal has also led to an increase in the number of real estate agents specializing in this segment of the market. According to the APCIQ report, there are over 12,000 real estate agents in the Greater Montreal Area, with many of them focusing on the condo market.
LCN, a Canadian news outlet, reported on the Montreal real estate market in 2023, stating that the city is expected to continue its growth trend. The report noted that while there has been a surge in demand for condos, the single-family home market remains strong, with a 5% increase in sales compared to the same period in 2022. This suggests that while condos are popular among young professionals, families are still opting for larger homes.
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Overall, the data from APCIQ and CMHC, as well as the report from LCN, suggest that the Montreal real estate market is continuing to grow and is becoming increasingly attractive to buyers. While there are some concerns about affordability, the surge in condo sales and construction, as well as the strength of the single-family home market, indicate that the Montreal real estate market is thriving.
Montreal Real Estate Market Update: Highlights from 2022
The Montreal real estate market experienced a lot of changes in 2022. Here are some of the key highlights from the year:
• Prices continued to rise: Housing prices in Montreal continued to increase in 2022, with the average price of a single-family home reaching a new high of $550,000. The market remained very competitive, with many homes receiving multiple offers and selling for above asking price.
• High demand for condos: Condos remained a popular choice for homebuyers in Montreal, with sales increasing by 8% compared to 2021. This was due to the affordability of condos compared to single-family homes, as well as the convenience of living in the city.
• Low inventory: The real estate market in Montreal was characterized by low inventory in 2022, which put pressure on homebuyers and led to bidding wars for many properties. This was due to a combination of factors, including low interest rates, strong demand, and a lack of new construction.
• New government policies: In 2022, the provincial government announced a new policy to limit the number of foreign buyers in the Montreal real estate market. This policy aimed to make it easier for local residents to buy homes and reduce the impact of foreign investment on housing prices.
• Changes in buyer preferences: The pandemic had a significant impact on buyer preferences in 2022, with many people looking for homes with more space and outdoor areas. Homes with home offices and other features to accommodate remote work also became more popular.
• Record-breaking sales: Despite the challenges of the pandemic, Montreal’s real estate market remained strong in 2022, with record-breaking sales numbers in several areas. This was due to the combination of low interest rates, high demand, and limited inventory, which created a competitive market for both buyers and sellers.
Overall, the Montreal real estate market was characterized by high demand, low inventory, and rising prices in 2022. While there were some challenges, such as the impact of the pandemic and the government’s new policies, the market remained strong and competitive throughout the year. With interest rates expected to remain low in 2023, it’s likely that the market will continue to be favorable for both buyers and sellers in the coming year.