Montreal Home Sales Increase as Prices Rise, According to Real Estate Board
The real estate market in Montreal has seen a slight uptick in home sales, with prices also on the rise compared to last May, according to the latest report from the Greater Montreal Real Estate Board.
In May 2021, a total of 5,208 residential properties were sold in the Montreal Census Metropolitan Area (CMA), which includes the Island of Montreal, the North Shore, the South Shore, and Vaudreuil-Soulanges. This represents a 2% increase compared to May 2020.
The Island of Montreal saw the largest increase in sales, with a 6% jump compared to last year. The North Shore and Vaudreuil-Soulanges also saw an increase of 2% and 1%, respectively. However, the South Shore saw a decrease of 2% in sales.
The median price of single-family homes in the Montreal CMA also saw a significant increase of 28% compared to last May, reaching $460,000. Condominiums and plexes also saw a rise in prices, with a 24% and 22% increase, respectively.
According to the president of the Greater Montreal Real Estate Board, Julie Saucier, the increase in prices can be attributed to the high demand for properties and the low inventory levels in the market. She also noted that the pandemic has shifted buyers’ priorities, with many looking for larger homes with outdoor spaces.
The number of active listings in the Montreal CMA decreased by 33% compared to last May, with only 14,947 properties available for sale. This shortage of inventory has led to a competitive market, with properties selling faster and for higher prices.
Despite the increase in prices, the real estate market in Montreal remains strong and stable. The Greater Montreal Real Estate Board predicts that the market will continue to see growth in the coming months, as the demand for properties remains high.
In conclusion, the latest report from the Greater Montreal Real Estate Board shows a positive trend in the Montreal housing market, with an increase in sales and prices. This is a reflection of the strong demand for properties in the city, and experts predict that this trend will continue in the near future.
