Montreal homes market up for 8th straight month

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.

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