Montreal enjoyed its 51st consecutive month of home sales growth in May, according to latest figures from the Quebec Professional Association of Real Estate Brokers.
The city’s home sales and average residential prices remain on an upward trend, while the city’s inventory is seeing a considerable shrinkage, falling by 18% from May of last year to reach a total of 19,915 properties listed for sale.
“Properties are selling faster and faster in the Montreal area, as the average selling time – for all property categories combined – stood at 69 days in May, which is 14 days less than one year ago,” QPAREB board of directors president Nathalie Bégin said.
“Single-family homes and plexes are selling the quickest, with respective selling times of 63 days and 71 days, while it takes an average of 77 days for a condominium to find a buyer.”
The QPAREB reported that total sales activity was at 5,607 transactions last month, growing by 6% annually.
Plexes had the strongest proportional gain with 13% year-over-year sales growth, for a total of 550 deals. Condo activity increased by 7% during the same period (2,001 sales), while the single-family segment had 5% more transactions (3,048 sales), staying as the city’s dominant residential property type.
The median single-family price in Montreal was at $340,000 in May, growing by 5% year-over-year. Condo average costs ticked up by 2% to $261,000, while those of plexes increased by 6% annually to reach $550,000.
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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