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Montreal Real Estate Market Update: August 2017

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According to the Greater Montréal Real Estate Board, home sales in Montreal’s residential real estate market reached record highs this August, led by condominium sales. Here is a summary of the GMREB’s findings:

2,899 residential sales closed in August 2017, which is 8% higher than the figure recorded in August 2016. This was the most active month of August since GMREB first began recording real estate statistics.

Sales have increased every month this year with the exception of July.

Sales by geographic area

  • Out of the five main areas of GMA, the Island of Montreal recorded the biggest increase in sales, at 12%.
  • Sales in Laval and the North and South Shores increased by 7.5% and 7%.
  • Only the Vaudreuil-Soulanges area registered a decrease in sales in August; -3% compared to last year.

Sales by property category

  • Condominiums ranked as the most popular property type this August, with sales increasing by 19% . Condos have outperformed other property categories since January 2017.
  • Sales of single-family homes increased by 4 per cent in August in the Montréal CMA.
  • The ‘plex (2 to 5 dwellings) market remained constant.

Prices

  • Single-family homes in the Montréal CMA appreciated at the highest rate, selling at 6% more in August 2017 compared to August 2016.
  • The median price of a single family home in Montreal is $325,000.
  • ‘Plexes appreciated by 2% in 2017. The median price of a ‘plex is currently $470,250.
  • Condo prices appreciated by 1%  cent, to $251,500.

Number of properties for sale

The number of active listings on Centris® , Quebec’s MLS system, was recorded at 24,031, 15% lower than August of last year.

 

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