Home sales in Montreal continued their upward trajectory in September with the Greater Montreal Real Estate Board (GMREB) counting 2,393 transactions last month, an 8 per cent bump from last year. It also marks the second consecutive boost in sales following the 3 per cent increase in August.
For the second month in a row, condos sales were also up, this time growing by 13 per cent. Single family home sales appear to have turned a corner. Though sales were down in July and stagnant in August, September saw transactions rise by 4 per cent, year-over-year.
The regions of the city that saw the most sales activity were the Island of Montreal and the South Shore, which saw 12 per cent 27 per cent sales growth respectively.
Despite these improvements, industry experts are still speaking cautiously about the state of the market.
“These results are quite impressive at first glance but they must be put into perspective, given the steep decrease in sales that was observed in these areas last September,” said Paul Cardinal, Manager of the Market Analysis Department at the Quebec Federation of Real Estate Boards, in the news release.
Though condos saw a boost in sales, the price of a unit declined in the Quebec capital by 3 per cent. The new median price is $228,000. Single family home prices saw no movement, with a median price sitting at $280,000, while the price of ‘plexes moved down 1 per cent to $415,000.
In terms of supply, Montreal saw a 12 per cent boost in active listings in the Centris system for the 37th consecutive monthly increase. The supply of condominiums increased by 16 per cent, with the northern suburbs of Laval and North Shore seeing the bulk of new listings with a 33 per cent increase. The Island of Montreal recorded the smallest increase at 11 per cent.
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