Montreal recorded another hefty budget surplus last year, driven by the strength of the city's booming real estate market.

The City of Montreal has had a surplus every year since 2014.

In 2018, it reached $213 million, well above the previous year, which saw a surplus of $140 million.

Benoit Dorais, head of the city's executive committee, provided the financial update Wednesday.

He said revenue from the welcome taxes on newly purchased property accounted for nearly half of the surplus.

"Right now we have a situation where the real estate market is very, very, very good for Montrealers," he said.

Dorais said the Plante administration would devote the extra revenue to its priorities, including transit, the environment and affordable housing, as it prepares for this year's budget.