Home prices in Montreal continued to grow as sales reached new heights last month, according to the Greater Montreal Real Estate Board.
The median price of a single-family home in the market increased by 7% on a year-over-year basis in December, reaching $327,450. Meanwhile, the median price of plexes grew by 8% during the same time frame to settle at $525,000, and that of condos by 3% to $272,863.
These coincided with the market’s achievement of a new home sales record for December, growing by 3% annually to reach 2,825 completed transactions.
December was also the 46th consecutive month of growth in the number of transactions, according to the GMREB.
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Single-family homes accounted for 1,491 sales, growing by 3% annually. Condo sales also increased by 2% (up to 993 deals closed), while plexes shrank slightly by 1% (down to 336 transactions).
Montreal’s supply stood at 18,970 active residential listings as of the end of 2018, which was 18% lower compared to the same time in the previous year.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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