Condos continue to drive sales demand
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Sales of residential properties in Montreal reached an 8-year high for the month of July with a total of 3,201 completed transactions, according to the latest data from the Greater Montreal Real Estate Board.
The July numbers represented the 41st straight month of increases in Montreal’s residential sales volume. Year-over-year, sales grew by 1%, which was in keeping with recent trends.
“After a strong start to the year, sales continue to increase in the Montreal area but at a slower pace. In fact, for the past three months, sales have only increased by 1%,” GMREB board of directors president Mathieu Cousineau said.
Condos remained the strongest drivers of demand, posing a 6% annual increase (up to 1,139 sales). July 2018 was the 10th consecutive month where the condo segment showed the largest gains in sales numbers.
Sales of plexes with 2 to 5 dwellings rose by 2% (up to 303), while sales of single-family homes shrunk by 2% (down to 1,752).
Read more: Montreal market’s Q2 numbers show sustained strength – housing board
Montreal’s supply of available homes for sale fell for the 34th straight month, with 21,230 active Centris residential listings. This represented a 17% decline compared to the same time last year.
Median prices saw notable increases across all property types last month. Single-family home prices grew by 6% year-over-year (up to $336,250), while those of condos rose by 5% in the same time frame (up to $265,000). Plexes’ pricing saw the greatest gains, shooting up by 9% annually (up to $528,500).
