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How Did Montreal’s Real Estate Market Perform In September?

A rundown of sales, prices and active inventory.

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According to the latest Greater Montréal Real Estate Board (GMREB) statistics, residential sales rose by 8% last month, compared to the same period last year. The increase represents a nine year high for the month of September.

“Montréal’s real estate market has been performing exceptionally well, as sales have increased for 43 consecutive months now, ever since March of 2015,” said Nathalie Bégin, Interim President of the GMREB Board of Directors.

Sales by property category

  • Condominiums continue to represent the most active property category, with the largest increase in sales (1,206 transactions) in September, jumping by 23%
  • The plex market (2 to 5 dwellings) recorded a small increase of 1% (349 transactions).
  • The single-family home market remained unchanged compared to September of last year, at 1,660 transactions.

Sales by geographic area

  • Sales increases were recorded by four out of of the six main areas of the Montréal CMA
  • Sales on the Island of Montréal rose by 8%, 20% on the South Shore, 12% in Laval, and 5% in Vaudreuil-Soulanges.
  • Sales remained unchanged on the North Shore.
  • Sales dropped by 14 per cent in Saint-Jean-sur-Richelieu.

Prices

  • All three property categories recorded price appreciation in September, across the Montréal CMA.
  • The highest growth was in the single-family home market, where the median home rose by 7% compared to September of last year, reaching $336,000,
  • Plexes grew in price by 6%, reaching $504,040.
  • Condominiums registered the smallest price increase at 4%, reaching $263,000.
  • Saint Jean de Richelieu recorded the highest overall appreciation rate for single family homes, at 13%, compared to 5% on the Island of Montreal, 16% in Vaudreuil Soulanges, 4% on the South Shore, and 3% on the North Shore.

Active Inventory 

In September, there were 21,227 residential listings for sale on the Centris system, a 17% drop compared to last year.

Drops in active inventory, when paired with rising prices and sales activity, represents the conditions of a seller’s market.

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This article, How Did Montreal’s Real Estate Market Perform In September? appeared first on Shupilov News.

 

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