Home sales in Montreal edged higher in February, the eighth consecutive month of gains.
Greater Montreal Real Estate Board reports a 2 per cent year-over-year increase in residential sales, reaching 3,788 in February 2017. The Island of Montreal showed particular strength with a 7 per cent increase while other neighbourhoods increased by around 3 to 5 per cent.
Activity was driven by sales at the top end of the market.
“The high-end market performed well across the metropolitan area with a 19 per cent jump in sales of properties over $500,000 compared to the same period last year,” said Daniel Dagenais, President of the GMREB Board of Directors. “However, a 6 per cent decrease in activity was observed in the price range below $300,000.”
The median price for all single-family homes was up 4 per cent to $296,662 while condos increased 5 per cent to $238,900 and plexes gained 6 per cent to $475,000.
Active listings dropped 13 per cent compared to February 2016.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate