Montreal home sales reach new record in second quarter

There were 13,764 home sales in the second quarter of 2017, a new record for the quarter beating that of Q2, 2009 (13,727).

A gain of 8% from the same period of 2016 was reported by the Greater Montreal Real Estate Board with condos registering a 17% increase, single-family homes up 4% and plexes up 9%.

The median price of all three property categories grew substantially with single-family homes registered the largest increase in median price at 7%, to reach $318,000. The median price of condos rose by 3% to reach $245,084 while that of plexes grew by 4% to reach $480,000.

“Demand for high-end properties remained strong this spring in the Montréal area as sales concluded at $500,000 or more jumped by 31% compared to the second quarter of last year, and sales concluded at $700,000 or more increased by 40%, with 871 transactions,” said Mathieu Cousineau, President of the GMREB Board of Directors. “In fact, this market segment has performed better than the overall market for the past 12 quarters,” he added.

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