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Residential Market Commentary - week of April 24, 2017

Apr 24, 2017, 09:45 AM by User Not Found

While governments and regulators continue to fuss about red hot real estate in Toronto and the foundering market in Vancouver, Canada’s second largest city has recorded another healthy quarter.

Home sales in Montreal marked their 11th consecutive quarter of growth in Q1-2017, making it the best first-quarter for sales in five years.  There were more than 11 thousand transactions in Greater Montreal, led by condominiums which saw a 14% increase.  Single family homes saw a 2% increase but high-end homes – valued at $500,000 or more – jumped 22%.  “Plexes” (2-5 dwellings) were unchanged from the same period a year ago.

Home prices also experienced healthy increases across Montreal.  The median price for a single family home rose 5% to $300,000 with condos seeing a 4% increase to $240,000.  As with sales, plexes did not see much change in price, increasing just 1% to $461,000.

On the supply side Montreal saw the number of active listings drop by 13% in the first quarter, the 6th straight quarterly decline.  There were just under 30,000 properties for sale.  Single family homes fell 18% and condos were down 8%.  Plexes decreased 15%.