Montréal’s Real Estate Market still climbing

Montréal’s Real Estate Market – The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 3,731 residential sales were concluded in October 2018, an 11 per cent jump compared to the same month last year. This figure also represents a new sales record for a month of October and the 44th consecutive increase in transactions.

Prices

• The median price of single-family homes and condominiums increased across the Montréal CMA, albeit more moderately than in October of last year (+4 per cent each), to reach $329,250 and $265,000 respectively.
• The median price of plexes jumped by 11 per cent to reach $525,000.

Sales by property category

• As has been the case for several months now, the condominium segment was the most active in October with a 22 per cent jump in sales (1,361 transactions).
• Sales were also up for single-family homes (1,971 transactions, +6 per cent) and plexes with two to five dwellings (395 transactions, +5 per cent).

Sales by geographic area

• All six main areas of the Montréal CMA registered strong sales increases in October.
• Laval (+17 per cent), Saint-Jean-sur-Richelieu (+16 per cent), the North Shore (+14 per cent) and the South Shore (+12 per cent) posted the largest increases, but the Island of Montréal and Vaudreuil-Soulanges followed close behind (+8 per cent in both cases).

“The condominium segment is booming. Thanks to strong sales and a sharp decrease in listings, the number of months of inventory has dropped significantly over the past year, falling from 10.2 months to 7 months,” said Nathalie Bégin, President of the GMREB Board of Directors. “This segment has moved from a buyer’s market to a seller’s market in just one year,” she added.