Montreal Real Estate Market intensifies in Q1 2018
According to GMREB i.e Greater Montreal Real Estate Board, Montreal Real Estate Market continues to post its healthy levels of activity with 7% increase in home sales in the very first quarter of this year.
Based on Montreal Real Estate Market brokers’ Centris® provincial database, a total count of 12,311 residential sales transactions done in Q1 2018 in Montreal.
This represented 15th straight quarterly increase in sales in real estate market and best 1st quarter sales resulted in the 7 years.
In the terms of property classes, condos showed up the greatest increase with 17% rise in its home sales, for 4,278 condo deals.
Plexes with 2 – 5 dwellings had 5% growth with 1,019 transactions, as single-family homes posted modest 2% increase in the same period of time frame.
Reflecting a sustained demand, number of active listings got declined for 10th straight quarter, with an average of around 25,910 properties for sale in Montreal. It was 16% less as compared to the 1st quarter of year 2017.
Mathieu Cousineau, President and Board of Directors, GMREB said that because of sharp drop in supply for 3 property categories, coupled with increase in home sales, market conditions are becoming too advantageous for the home sellers. “Only property category which is presently showing a balanced market condition is of the condominiums.”
Across Montreal, plexes ($490,000), condominiums ($245,000) and single-family homes ($310,000), posted an increase in the median prices, at around 5%, 3%, and 7%, respectively.