Prices have been increasing for 4 straight years now, but supply keeps getting tighter
A total of 14,771 residential sales were completed in Montreal in the second quarter of this year, according to the latest data from the Greater Montreal Real Estate Board.
This figure represented 4% year-over-year growth in sales activity, as well as the 16th straight quarter of increases, the Board noted.
“Residential sales in the Montreal CMA have been increasing for four years now,” GMREB board of directors president Mathieu Cousineau said. “This sustained pace of sales, combined with the steady decline in the number of properties for sale, gives sellers an increasingly advantageous position in negotiations.”
As the hottest property type at present, condominiums posted a 13% annual increase in sales. Meanwhile, plexes showed modest 1% sales growth. The single-family home segment exhibited its first decline since Q2 2014, falling by 1% year-over-year.
Read more: Montreal outstrips other major cities in terms of housing market growth
On the supply side, a little over 24,000 homes were listed on Montreal’s Centris system in Q2 2018, making it the lowest second-quarter level since 2010. This was also 17% lower than the same period last year, and the 11th straight quarterly decline in active listings.
As for median prices, single-family homes ($322,509) and condominiums ($253,000) increased by 3% year-over-year for both categories. Plexes costs also saw a 6% rise, up to $510,000.
