Condominium sales increase in Montreal
According to QFREB’s latest report, floor ownership sales increased in Montreal. The condominium sales were sold much more in Montreal than in other real estate types.
According to the reports released by QFREB, 50 percent of the types of real estate purchased in Montreal are condominiums. This figure was announced as 24 percent in the province of Quebec. Experts said that the shift in demand due to the increase of single houses is a natural process.
Why are apartments popular in Montreal?
The aging population wants to live in smaller houses and often prefer apartments. However, young adults usually want to live alone in the apartment is going to rent.
In addition, the apartments are sold and rented to individual houses at a more affordable price.
QFREB stated that the census in Montreal has big differences between metropolitan areas. For example, in Saint-Jean-sur-Richelieu, the single-family home market accounts for 78% of all home sales.
In the first quarter of 2019, the prices of flats on the Montreal Island accounted for 56 percent of all home sales.
In 2019, home sales fell significantly.
In some parts of the Montreal market, there are significant differences in terms of property values. For example, apartments in the Northern District of Montreal accounted for 18 percent of real estate sales. Ultimately, 90 percent of sales in the Ville-Marie district were condominium.
Sevdenur Demir / [email protected]