Montreal, QC – The real estate market in Montreal saw a significant increase in home sales during the month of August, with a rise of 9.3% compared to the same time last year.
According to the Greater Montreal Real Estate Board, a total of 3,701 residential properties were sold in the metropolitan area in August, marking the 53rd consecutive month of sales growth.
The board’s president, Julie Saucier, attributes this surge in sales to the strong demand for properties in the city, as well as the low interest rates and stable economy.
“The Montreal real estate market continues to show its resilience and strength, even during these uncertain times,” said Saucier.
The increase in sales was seen across all property categories, with single-family homes leading the way with a 12% increase in sales compared to August 2020. Condominiums and plexes also saw a rise in sales, with 6% and 5% respectively.
The average price of a single-family home in Montreal also saw a significant increase of 22% compared to last year, reaching $500,000. Condominiums and plexes also saw a rise in average prices, with a 17% and 14% increase respectively.
Despite the rise in prices, the board reports that the market remains balanced, with a good supply of properties available for buyers.
The Montreal real estate market has been on a steady rise since the beginning of the year, with a 17% increase in sales compared to the same period in 2020.
Experts predict that this trend will continue in the coming months, as the demand for properties in Montreal remains strong.
In conclusion, the real estate market in Montreal has shown remarkable resilience and growth, with a 9.3% increase in home sales in August. This surge in sales can be attributed to the high demand for properties, low interest rates, and stable economy. With a balanced market and a steady rise in sales, the future looks promising for the Montreal real estate market.
