Another Hot Month For Home Sales in Montreal

The 2899 residential sales last month in Greater Montréal were up 8% year-on-year.

The Greater Montréal Real Estate Board adds that the number of sales has just posted its 29th monthly increase over the last 30 months.

The island of Montreal dominated the rise, followed by Laval, the North Shore and the South Shore.

On the other hand, the Vaudreuil-Soulanges sector, located in the southwest of the island, saw the number of transactions down slightly by 3% compared to August 2016.

The Real Estate Board said sales of single-family homes grew by 4% and sold 6% more last month with a median of $325,000.

Condominium units jumped 19%, but prices rose in one year by only 1% to $ 251,500 on average. Condominium is the category with the strongest sales growth in eight months.

Sales of two to five room homes remained stable.

The supply of residential properties for sale through the Centris real estate brokers website, 24,031 last month, was 15 per cent lower than it was a year earlier.

Paul Cardinal of the Quebec Federation of Real Estate Boards attributed the continued gains to strong job creation, consumer confidence and foreign migration.

The average sales price in the Toronto dropped for a fourth-straight month, falling 1.8 per cent to $732,292.

While in the greater Vancouver area, home sales surged 22.3 per cent while the composite benchmark price was up 9.4 per cent to $1,029,700.

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About the Author: Marcus Suban

Marcus is a reporter on the Political Capital team focusing on money in politics. Before joining Canadian Business Tribune, he worked as a researcher and writer for the Institute for Northern Studies at Lakehead University in Thunder Bay Ontario and as a freelance journalist in Toronto, having been published by over 20 outlets including CBC, the Center for Media and Democracy,The Huffington Post, Salon, Truthout and VICE.com.

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