The median prices for single-family homes, condos, and multi-family properties were up compared to a year ago, according to the monthly report by the Greater Montreal Real Estate Board (GMREB).
Single-family homes were up 6% to reach $265,000. Condominiums and multi-family homes were both up 4% to reach $219,000 and $390,000 respectively. Those gains were about half what they were a year ago.
“A sign that the market is becoming more relaxed is the fact that price increases were once again more moderate this month, as we had predicted,” said Diane Menard, vice president of the GMREB board of directors.
The gains in prices seem to still be encouraging sellers to put more properties for sale. In addition to the drop in sales, Menard said the number of properties available on the market increased for an 8th straight month in Montreal.
As of April 30 this year, the number of active listings on the Multiple Listings Service (MLS) increased 17% compared to the same date last year.
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