October 28, 2016 - The residential real estate market is in a slight recovery in Quebec. Price and sales increases were mainly driven by growth in the Greater Montréal (Montréal Metropolitan Region- MMR).
Investigating further to find out the reasons for this recovery, we can see that in five territories included in this MMR, namely the South Shore, the North Shore, Vaudreuil-Soulanges, Laval and the Island of Montreal, the latter drives the recovery. More particularly with regard to condominiums.
Sales increases in 2016
In the first nine months of 2016, some 16,631 condo sales were published in the Land Registry, Joanie Fontaine of “Le Journal des Affaires” told us. "This represents about three quarters of purchases in this housing niche in Quebec, and a 7% increase compared to the same period in 2015," adds the columnist.
The increase in condo acquisitions on the Island of Montréal (+ 10%) contributed significantly to this increase. On the other hand, "sales in the other sectors of the RMR have shown lower growth. A slight decrease of 2% was even noted in Vaudreuil-Soulanges, "says Mrs. Fontaine .
Upward trend of the median price
The median price of apartments held in co-ownership in the Greater Montréal gained 3% compared to the same period in 2015. For Laval and the South Shore, prices have stagnated or even decreased.
In summary, the prospects for the residential real estate sector in the Montréal RMR are among the best in Québec. According to the Quebec Institute of Statistics, between 2011 and 2036, the population increase will be larger in this territory than in Quebec as a whole. This should contribute significantly to sustain this growth, especially in the suburbs, where a larger population increase is anticipated.
Montreal, October 28, 2016
Source: Les Affaires
