Montreal Flash Report 2019

Getting Below the Surface in Montreal’s Commercial and Residential Real Estate Market

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Report Highlights

Key findings from Altus Group’s annual review of the Greater Montreal Area real estate markets.

COMMERCIAL INVESTMENT & LAND MARKET

  • Investment property sales volumes in the Montreal Market Area totalled $6.5 billion in 2018, up 18% from 2017.
  • The Apartment sector continued to attract the most investment dollars in 2018.
  • Just over half of the value of residential land sales was for High Density land.
  • The $112 million acquisition by Akelius Montreal Ltd. in Ville-Marie contributed to the strong Apartment performance in 2018 and boosted foreign investor sales in the Montreal Market Area.

INDUSTRIAL & OFFICE MARKETS

  • Strong demand for industrial space pushed the vacancy rate lower again in 2018, despite increased new supply.
  • Completions of new office space dropped to the lowest level since 2011.
  • Two-thirds of new office space under construction is located in Downtown Montreal.

NEW CONDOMINIUM APARTMENT MARKET

  • New condominium apartment sales push higher in 2018.
  • New condominium apartment inventory falls to 7 months of supply.
  • New condominium apartment sales were up in 2018 across the Montreal Market Area.

HOMEBUYERS

  • Potential first-time buyers more hesitant this year.
  • Many younger renters want to buy a home, but are still saving for a downpayment.
  • Half of recent homebuyers were first-time buyers.

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