What happened to Montreal home sales in May?

What happened to Montreal home sales in May?

What happened to Montreal home sales in May?

Home sales in the Montreal area fell in May even as prices for condos and plexes continued to climb, according to recent figures from the Quebec Professional Association of Real Estate Brokers (QPAREB).

The Montreal census metropolitan area (CMA) saw 5,398 sales transactions in May 2021, down 14% month-over-month from the record 6,237 posted in April.

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Additionally, QPAREB data showed that sales transactions in Montreal CMA slowed even as prices for condominiums and plexes continued to increase.

The median price for condos in the area reached $365,000, 2% higher month-over-month than the $357,000 recorded in April. Meanwhile, the median price for plexes climbed 3% to $701,000 from the $682,000 in the month prior.

However, the median price of single-family homes slightly decreased by 0.8% to $496,000 from the $500,000 in April.

“In a context of soaring prices for single-family homes in the Montreal area and the easing of the health crisis, many households are interested in condominiums, which are experiencing a meteoric rise in prices,” said Charles Brant, director of the market analysis department at QPAREB. “In this context, small income properties (plexes) are also very popular among investors, particularly in areas surrounding the Island of Montreal, which is supported by a rental market that is expected to tighten as the purchasing power of households deteriorates.”