Montreal market seeing home sales and prices continually rise

Montreal market seeing home sales and prices continually rise

Montreal market seeing home sales and prices continually rise

Montreal’s home sales and average residential prices continue going up, even as the city’s inventory is seeing a considerable shrinkage, according to fresh data from the Quebec Professional Association of Real Estate Brokers.

In the latest round of market statistics, the QPAREB reported that a total of 5,607 home sales took place in the city last month, representing a 6% year-over-year gain. May 2019 was also the 51st straight monthly increase in sales for the region.

By property type, plexes enjoyed the greatest gain with their 13% annual increase in sales, for a total of 550 transactions. Condo activity had a 7% increase during the same time frame (2,001 sales), while the single-family segment saw a 5% uptick to remain the dominant asset class (3,048 sales) in the city.

At the same time, the total number of active listings fell by 18% from May of last year, ending up at 19,915 properties listed for sale.

“Properties are selling faster and faster in the Montreal area, as the average selling time – for all property categories combined – stood at 69 days in May, which is 14 days less than one year ago,” QPAREB board of directors president Nathalie Bégin said.

“Single-family homes and plexes are selling the quickest, with respective selling times of 63 days and 71 days, while it takes an average of 77 days for a condominium to find a buyer.”

Montreal’s median single-family home price stood at $340,000, growing by 5% year-over-year. Condo average costs crawled up by 2% to $261,000, and plexes saw their median price increase by 6% annually to reach $550,000.