Montreal’s Real Estate Board Reports Impressive Residential Sales this Year

Montreal’s residential transactions have gone up impressively during the course of this year- this is according to the Montreal Real Estate Board. According to latest data released by the Board, a record was set last month for condominium sales. The surge in November sales translates into a 12 per cent increase in overall residential property transactions compared to data of the same month of last year.

The data also shows that the number of condos sold throughout the region rose by 23 per cent annually. Interestingly, in the northern and southern suburbs of the Island of Montreal, residential sales went up an by a whopping 53 per cent and 33 per cent respectively.

Mathieu Cousineau, the board President of MREB stated that the oversupply of condos that happened two years ago has been completely exhausted and there is now a seller’s market in most Montreal neighborhoods.

In November, 1,807 single family home sales were recorded representing an 8 per cent jump when compared to the same period of last year, while sales of two to five units went up by 5 per cent to 402. Overall, this November recorded the most sales in eight years.

A member of Quebec Federation of Real Estate Boards, Paul Cardinal has attributed the monthly housing gains this year to a strong job market, low employment, consumer confidence and finally immigration.

This year’s consumer confidence is at a 10 year record high and many Montreal residents consider it a good time to make a major buy like a home.

The median sales price for a home in the Greater Montreal area went up by about 6 per cent to $387,254 in comparison with prices of November last year while the median sales price in the Island of Montreal  is $496,103, representing a 5 per cent increase compared to what it was a year ago.