What type of property sells the fastest in Montreal right now? No, it’s not single family homes, or townhouses, or multiplexes.
Condos are selling quickest in the Montreal area.
According to statistics gathered from Centris comparing the total number of days to “SOLD”, on the island of Montreal, condos have been selling faster than both single-family homes and multiplex properties.
Condos in Montreal are selling (on average) in 54 days. Single-family homes are selling in 61 days and revenue properties average 77 days.
Is this “normal”?
In 2018, selling times for condos and multiplexes were the opposite of what they are today. In 2018, condos took, on average 74 days to sell whereas revenue properties sold in 66 days.
Single family homes are the same as they were in 2018, after selling at an unprecedented rate during the pandemic. Today they sell in an average 61 days (same number of days as 2018). In 2020, the average was 51 days, in 2021, 42 days and 2022, 41 days.)
What led to condos becoming the hottest property in 2023?
There are likely several factors:
More availability
There were about 25,000 condos listed for sale in 2018. In 2023, there were about 30,000 listed.
More investors buying condos
Since there were about 1,000 fewer revenue properties listed in 2023 (about 4,300, compared to about 4,500 in 2018), more investors are buying condos, since there are less revenue properties available. In addition, investors may be disgruntled by the new rental registry and by tightening rules around raising rents.
Boomers downsizing to condos
Although many boomers are opting to stay put, or to downsize to a smaller home, there are many that are also opting for a condo.
Similar to the cost of rent
Since rents have increased over the last few years, people are opting to buy rather than rent. Condos are the most affordable option to enter the market.
Do you have questions about sales in a specific neighborhood where you are looking to buy or sell? You are welcome to send statistical information requests to Ingrid Hein ingrid AT heinrealty.com.
