Condos fuel rise in Montreal sales

Montreal saw a 2 per cent rise in home sales in May with 4,416 sales recorded by the Greater Montreal Real Estate Board. It was the 15th consecutive month of rising sales.

The rise was fuelled by condos which saw a 10 per cent rise in sales year-over-year; on the South Shore there was a rise of 17 per cent. Sales of single-family homes rose by 1 per cent.

The rise in sales came despite a tightening of the region’s inventory. “With the third consecutive monthly decrease in the number of condos for sale, the drop in supply is now confirmed,” said Daniel Dagenais, President of the GMREB Board of Directors. “The supply of condos for sale now represents 13.6 months of sales, a sign that market conditions are tightening.”

The median price of single-family homes throughout the Montréal CMA increased by 3 per cent compared to May of last year to reach $301,250. The median price for plexes and condos were unchanged from a year ago.

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