Montreal sales jump 9 per cent

Home sales were up 9 per cent in Montreal last month compared to November 2015.

The Greater Montreal Real Estate Board reported 3,008 home sales in the CMA with four of the five main areas showing an increase. It was the 20th month of increased sales from the last 21 months.

Condos (13 per cent) and plexes (15 per cent) were the strongest property types with single-family homes rising 6 per cent.

The median price for single-family homes was up 6 per cent to $308,250 with the price jumping 15 per cent on the Island of Montreal. The median price of condos was up 4 per cent to $248,000 and plexes gained 1 per cent to $460,000.

The rise in sales was largely due to experienced buyers in the market but there was also a strong gain for higher-end homes.

“There was a 35 per cent increase in sales of single-family homes at $500,000 or more in November throughout the Montréal area. We will be closely monitoring the impact of the new mortgage measures on the market in the coming months,” commented Daniel Dagenais, President of the GMREB Board of Directors.

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