Montreal prices rise as boom continues
December 18, 2017
Montreal housing sales rose 12 per cent and prices advanced 6 per cent in November from a year earlier as the city’s real estate boom continued, led by record sales of condominiums.
Condo transactions in the Island of Montreal surged by 53 per cent and were up 33 per cent across the region, according to the Montreal Real Estate Board.
Real estate board president Mathieu Cousineau says the oversupply of condos two years ago has now been absorbed and there is a seller’s market in some sections of Montreal.
Sales of detached houses November were 1,807, which was 8 per cent higher than in November 2016.
With 3,348 residential sales concluded in the month, it was the most active November in eight years, the Board said.
The Quebec Federation of Real Estate Boards said monthly housing gains this year are due to strong job creation, consumer confidence, low unemployment, and foreign migration.
The average sales price in Greater Montreal increased 6 per cent from a year earlier to $387,254 in November.
On the Island of Montreal, the average sales price was $496,103, up 5 per cent from November 2016.