Your #1 Source of Montreal Real Estate News

New Real Estate Builds, Prices and Sales On The Rise In Quebec

New builds were up 37% in the province of Quebec, with the highest increase recorded in Gatineau, Sherbrooke, and Montreal.

0 701
Canadian housing starts were still down in March 2019, despite a slight recovery relative to the previous month. Home prices are still on the decline, while home sales and new home builds went up.
New builds were up 37% in the province of Quebec, with the highest increase recorded in Gatineau, Sherbrooke, and Montreal.

Home Prices

Canadian home prices declined for the sixth straight month – the Teranet-National Bank House Price Index fell by 0.31% last month from February and were down by 1.74% from September 2018.

  • Vancouver showed the largest metropolitan decline – prices fell 0.46% month over month, and 4.31% since July 2018.
  • Toronto prices dropped by 0.29% month over month. Prices were up 3.26% compared to last year, but the annual growth rate has slowed for the past three consecutive months.
  • Montreal on the other hand has reached a new all-time high. Montreal prices rose by 0.12% month over month and 5.46% relative to last year. The annual growth rate is far above the national index.

Home Sales

National home sales increased 0.9% after a sharp drop in February. Year-over-year sales activity fell by 4.6% to the weakest level for March since 2013. It was also almost 12% below the 10-year average for the month.

In Quebec and New Brunswick, sales activity ran well above average.

With new listings surpassing sales, the national sales-to-new-listings ratio dropped from 54.9% to 54.2% in February.

Housing Starts

The number of new housing starts improved in March.

The seasonally adjusted annual rate (SAAR) of housing starts was 192,527 units last month, up by 15.8% from 166,290 units month over month. Of these,

  • urban starts increased by 17% to 178,033 units.
  • Multiple urban starts rose by 18.6% to 135,894 units
  • Single-detached urban starts increased by 12.1% to 42,139 units
  • Rural starts were estimated at a SAAR of 14,494 units

Set up an alert for a property in Montreal


This article, New Real Estate Builds On The Rise In Quebec appeared first on Shupilov News.

 

Want to stay informed on the latest real estate news?

Subscribe to get the latest news delivered straight to your inbox every week

Leave A Reply

Your email address will not be published.