Bidding wars now more frequent in Montreal

Montreal has become a highly-desired seller’s market, mainly due to mounting home prices brought about by feverish competition and a depleting inventory.

“This is especially true in the single family home segment, where bidding wars are increasingly common and offers are more likely to be accepted above the original asking price,” according to a fresh analysis by professional services firm Shupilov Real Estate.

Earlier this month, the Quebec Federation of Real Estate Boards announced that 2018 sales volume reached 46,753 completed deals, representing a new high and marking the 4th straight year of growth.

“Generally speaking, 2018 ended with market conditions clearly in favour of sellers for single-family homes, condominiums, and plexes. The scarcity of supply of single-family homes as compared to the demand is undeniable on the Island of Montreal, where the number of months of inventory is slightly less than five,” the QFREB stated.

The 2018 numbers are expected to impart momentum that will last for much of this year, the Federation added.

Read more: Montreal leads country’s metro areas in price growth

The Shupilov report found that some of the greatest sales-to-new-listings-ratios (SNLR) in Montreal were in communities hosting high-demand single-detached properties.

Q4 2018 Centris data showed that Montreal’s top sellers’ markets for this property type are Pointe Claire (SNLR of 149%, median price of $454,000), Cote-des-Neiges-NDG (SNLR of 112%, median price of $750,000), Kirkland (SNLR 86%, median price $590,000), Ville Saint Laurent (SNLR 84%, median price $595,000), and Verdun / Île des Soeurs (SNLR 82%, median price $790,000).

Condos also had a strong showing, with the leading sellers’ markets being Plateau (95%, $410,000), Dollard-des-Ormeaux (93%, $260,000), Verdun (86%, $368,500), Cote-St-Luc (78%, $355,000), and Rosemont (77%, $345,000).

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