A STRONG FOUNDATION OF STABILITY AND GROWTH IN MONTREAL

According to a report prepared by the Desjardins Group Economic Studies in spring of this year, the condominium markets in the three principal Census Metropolitan Areas (CMA’s) of Montreal, Quebec and Gatineau are strong and stable, showing a ratio of 8 to 10 sellers for every buyer. Demand continues to remain strong and the number of condos sold in May in the Montreal CMA actually was a historic peak for the month. As long as demand in Quebec remains steady and the number of existing condos up for sale keeps pace with demand, prices will continue to climb. Condos on the resale market also gained in demand, primarily at the expense of single-family homes, and to a lesser extent, semi-detached homes and townhouses. Last year, the ratio respectively reached one-third in the Montreal CMA and one half on the island. In Quebec, 25% of home sales were for condos compared with almost 15% in Gatineau. More than 20% of the property transactions in Quebec involved condos.

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