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‘Plexes Are Officially the Most In-Demand Property Type in Montreal

Montreal's 'plex market is performing better than any other property type, according to the latest Centris statistics.

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Until very recently, Montreal’s condo market led the way when it came to real estate sales activity, largely outpacing the number of transactions in the single family home and ‘plex markets. Condo builders have struggled to keep up with the demand for new construction projects, as rising prices and interest rates push buyers to look for more affordable housing options.

That trend seems to have changed course last month – according to the latest Centris statistics the sale of ‘plexes has officially outstripped that of condos. ‘Plexes experienced the greatest growth in sales (+14%) across the CMA, followed by condos (+12%) and the recovering single family home market (+5%). 

Montreal’s real estate market currently sits firmly in seller’s market territory. Total inventory has fallen by 16% compared to August of last year, and demand exceeds supply across all property types.

The benchmark price of ‘plexes appreciated by 10% year over year, now averaging $515,000.

Comparatively, condos saw a 4% increase in price in the same time frame, reaching $260,000.

The average single family home increased by 5%, to $330,000.

Average ‘plex prices by area

Montreal GMA average: $515,000

Areas with ‘plex prices above city average:
  • Westmount: $1,382,500
  • Outremont: $1,300,000
  • Mont-Royal: $1,125,000
  • Hampstead: 921,000
  • Plateau: $896,000
  • NDG/CDN: $675,000
  • Cote St Luc: $640,000
  • Rosemont: $630,000
  • Villeray: $627,500
  • Verdun / Ile des Soeurs: $622,500
  • St Leonard: $615,000
  • Dorval: $603,000
  • Downtown / Old Montreal: $602,000
  • Ahuntsic: $600,000
  • Pointe-Claire: $590,000
  • Saint Laurent: $555,000
  • Montreal Ouest: $554,000
  • Park Ex: $538,500
  • Lasalle: $525,000
Areas with ‘plex prices below city average:
  • Park Ex: $538,500
  • HOMA: $515,000
  • Le Sud Ouest: $514,000
  • Anjou: $511,000
  • Pierrefonds-Roxboro $490,500
  • Montreal Nord: $438,250
  • Lachine: $435,000
  • St Anne de Bellevue: $425,000
  • RDP/PAT: $418,000
  • Montreal Est: $333,000
  • Ile Bizard: $330,000

*Average prices are calculated using Centris data from Jan 2013 to Aug 2018

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This article, ‘Plexes Are Officially the Most In-Demand Property Type in Montreal, appeared first on Shupilov News

 

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