The sales of homes in the Montreal CMA has increased more than usual in the previous month, with 2,685 homes sold, an increment 3 percent compared to the previous year. The data which was disclosed by the Greater Montreal Real Estate Board and it revealed that the South Shore had a major increase, with the sales having a 7 percent upsurge, while the Island of Montreal experienced an increase of 5 percent.
On the other hand, another sequential decrease of 5 per cent occurred in year-over-year trades in Vaudreuil-Soulanges and 4 percent in Laval. The request for condos went up by 11 percent, while Plexes was at a high rate of 13 percent. The sales of detached homes went down, which was surprising being that this is the first time a drop of 3 percent took place in a matter of 18 months. In the Montreal CMA, the prices increased by 3 percent to an average price of $300,000.
Concerning the situation at hand, the President of the GMREB Board of Director, Daniel Dagenais had this to say: “Although the condominium resale market still gives buyers the upper hand (13.4 months of inventory), the surplus of inventory is gradually becoming absorbed. Market conditions for single-family homes and plexes have already been balanced for several months now.”