Montreal’s real estate market saw a significant increase in home sales during the month of March, with prices rising across all types of housing. According to the latest data from the Greater Montreal Real Estate Board, there were 5,701 residential sales in the metropolitan area, representing a 15 percent increase compared to March 2020.
The rise in sales was seen across all housing types, including single-family homes, condominiums, and plexes. Single-family homes saw the largest increase, with a 19 percent jump in sales compared to last year. Condominium sales also saw a significant increase of 13 percent, while plexes saw a more modest increase of 6 percent.
In addition to the increase in sales, the average price of homes in Montreal also saw a rise. The median price for a single-family home was $430,000, a 28 percent increase from last year. Condominiums saw a 17 percent increase in median price, reaching $350,000, while plexes saw a 15 percent increase with a median price of $650,000.
The rise in home prices can be attributed to the high demand for properties in Montreal, as well as the limited supply of homes on the market. This has created a competitive market, with many properties receiving multiple offers and selling above asking price.
Despite the increase in prices, the real estate market in Montreal remains strong and shows no signs of slowing down. The city’s low unemployment rate and stable economy continue to attract buyers, both from within Canada and internationally.
Experts predict that the trend of rising home prices will continue in the coming months, as the demand for properties in Montreal remains high. However, with the recent announcement of new COVID-19 restrictions in the city, it is uncertain how this will impact the real estate market in the long term.
In conclusion, Montreal’s real estate market saw a significant increase in home sales and prices in March, with all housing types experiencing a rise. The city’s strong economy and high demand for properties continue to drive the market, and experts predict that this trend will continue in the near future.
