“The sustained increase in demand for single-family homes, coupled with the decrease in supply that we’ve seen in recent months, means that market conditions are once again starting to favour sellers in several neighbourhoods on the Island of Montréal,” said Daniel Dagenais, President of the GMREB Board of Directors.
For the CMA as a whole, the median price of single-family homes reached $295,000, a 4 per cent increase compared to December 2014. Condo prices rose by 2 per cent to reach $240,000 while plexes increased by 1 per cent to $450,000. Inventory fell 3 per cent in December 2015 compared to a month prior.
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The Greater Montreal Real Estate Board has reported its strongest December sales for four years with an 11 per cent rise from 2014. There were 2,430 sales concluded in the month, completing 10 straight months of rising sales. The South Shore saw the biggest year-over-year gain in December with a 22 per cent jump in sales. Sales of condos gained 14 per cent in the month compared to a year earlier while single-family home sales were up 10 per cent and plexes were up 4 per cent.