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Residential Sales Continue to Rise in Montreal

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For those of you who are still trying to sell your home in early October, there’s good news. The Greater Montréal Real Estate Board (GMREB) released a statistical report on Tuesday that recorded the seventh consecutive monthly increase in sales, and the most active month of September in the past four years. A total of 2,665 sales were concluded this month, 5% more than was registered during this period last year.

The Island of Montreal saw an 8% increase, but the biggest spike came from Laval, where sales increased by 10% compared to 2014.

For the second consecutive month, an increase was recorded across all residential property types. Plexes (buildings with 2-5 separate units) saw a 23% increase in their sales, after having increased 20% in the month of August. Single family homes rose by 4% in respect to September 2014, and condominium sales increased by 1%.

Prices have also continued to rise. The median price of condos ($248,000) in the Montreal CMA increased by 6% compared to last year, while the median price on the Island of Montreal alone rose by 8%.

Single family homes increased in price by 4$ across Montreal CMA, reaching an average of $292,500, while they grew by 9% on the Island of Montreal.

Plexes, on the other hand, dropped 2% to a medium of $420,000 this September, when compared to last September.

“The momentum on the Island of Montréal continued into September,” said Sylvain Girard, Vice-President of the GMREB Board of Directors. “Sales have increased every month since February so that cumulatively for the year, the number of transactions is up by 9 per cent compared to the same period last year. This is particularly due to the strength of single-family home sales which have increased by 17 per cent,” he added. It should also be noted that all five main areas of the Montréal CMA have registered an increase in year-to-date sales.

On September 30th, the board noted that there were 32,471 properties for sale in the CMA, a number that is more or less equivalent to the number recorded last year.

 

 

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