Montreal Real Estate Market

Growth of Montreal Real Estate Market outpaced other cities in Canada in May

Greater Montreal Real Estate Board said that growth of Montreal Real Estate Market outpaced other cities in Canada in May by hitting other record high even pace of growth cooled down, a year ago.

Home sale grew by 1% to 5,303 homes which were sold in May, based on real estate broker’s market, Centris provincial database.

Sales growth slowed down from 16% increase a year ago after Saint-Jean-sur-Richelieu area which is situated in the southeast area of Montreal and was added to the monthly surveys.

Paul Cardinal, Manager Market Analyst at Quebec Federation of Real Estate Boards said that home sales in May were not so strong as compared to a year ago.

It too compares with real estate markets in Toronto, Vancouver and Calgary, where sales in May fell down by 18, 35 and 22%, as compared to a year ago.

Condominium sales in Montreal climbed by 14% as compared to a year ago. Meanwhile, single-family homes sales were down by 6% as plexes include 2-5 units and rose by 4%.

Average price of home in Greater Montreal increased by 5% to $373,899. They were up by 6% to $481,544.

Average cost in Toronto decreased by 6.6% and by 2.8% in Calgary. Prices in Vancouver rose by 11.5%.

According to Sotheby’s International Realty Canada, luxury real estate market on Island of Montreal is on its track to set new records in year 2018.

67 properties were sold out for more than $1 million in first 5 months of this year, there was an increase of 17% as compared to the same period of time in 2017.

It’s on the top of 20% gain and 23% increase in year 2016 over 2015.

Sales of luxury condo increased by 51% to 136 units in January, as through May sales with 21% transactions which exceeded list price.

4,015-square-foot luxury condos has been listed for $8.05 million at Four Seasons Private Residence to set sales record in Montreal for cost for per square foot.