This week, we received a question about Montreal’s market conditions.
Q: I read that the market currently favours sellers in Montreal, and sales activity is at a record high. Does that mean that homes are selling faster too? How fast can I expect my home to sell in 2018?
A: It’s true that Montreal’s real estate market favours sellers in certain segments, but market conditions differ from borough to borough and from one property type to another:
For example, the single family and ‘plex segments are showing evidence of a heated market, with demand outpacing inventory, but the condominium market is balanced on Montreal Island and favours buyers in other parts of the GMA.
Market conditions in Laval and the North Shore are also more favourable to buyers than to sellers.
Generally speaking, homes will sell faster in a seller’s market than in a buyer’s market. Pricing strategy, timing, and the quality of the home will also impact selling time.
Our recent article on buyer and seller neighbourhoods ranks Montreal’s boroughs according to “days on market” and “months of inventory,” two metrics that measure how fast homes are selling in a particular area.
The best way to determine how long a specific home will take to sell is to use our selling time calculator, which automatically generates average selling time based on the most recent Centris data, per postal code and property type.