“Overall the Montreal market is trending toward a more sustainable pace, especially in the condominium segment, both in terms of activity and price growth more closely aligned with household financial capacity and the specific realities of each sector,” the association said in its February market report.
And Vouloumanos said the wider Montreal market is still seeing decent activity – albeit at a much slower pace than the pandemic – with certain pockets and property types especially busy.
“What I’m hearing in the market is that for the houses priced between $300,000 and $800,000, some of those are still having bidding wars because there’s not a lot of supply of homes in that price range,” he said.
“There’s a lot of supply of homes that are old and above that price, and obviously don’t move as much because you’re talking about a different demographic and different income earners. But you have houses that are in suburban areas that are still going through bidding wars – especially if they’re renovated homes.”
Even properties requiring renovation can still see substantial interest. “The ones that need a little more work, you still might get multiple offers. It all depends on the pricing,” he said.