(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.
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.
Read more: Condo Listings Surge 215% in