In Echo of Toronto, Condos Start Flooding the Market in Montreal

(Bloomberg) — It’s not just Toronto. Montreal is seeing a flurry of condos being put up for sale, suggesting the city’s housing boom may be fading as the effects of the pandemic start to bite.

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New condo listings on the island of Montreal were up 72% in the third quarter, the biggest annual increase in 17 years, according to data from the Quebec Professional Association of Real Estate Brokers. The greater Montreal area recorded a 61% jump.

A vibrant economy, steady flows of immigrants and affordable home prices compared with Toronto turned Quebec’s biggest city in a hot market in recent years. Now both cities are suffering from side effects of the Covid-19 crisis: Immigration has slowed, depressing the rental market in city centers, while some people who are doing their jobs from home are seeking more space in the suburbs.

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