In October 2018, the Montreal Census Metropolitan Area (CMA) recorded 3,731 residential sales, an increase of 11 per cent compared to October 2017, according to statistics released by the Greater Montreal Real Estate Board (GMREB). This figure also represents a new sales record for the month of October, and is the 44th consecutive increase in transactions.
According to the statistics, all six main areas of the Montreal CMA reported strong sales increases last month. Laval led the region’s sales increases, seeing a jump of 17 per cent, while Saint-Jean-sur-Richelieu recorded an increase of 16 per cent. In the North Shore, sales climbed 14 per cent, while the South Shore saw increases of 12 per cent year-over-year. Both the Island of Montreal and Vaudreuil-Soulanges saw sales rise eight per cent.
When split by property category, the condominium segment continued to be the most active in October, logging 1,361 transactions, an increase of 22 per cent. Sales climbed six per cent for single-family homes (1,971 transactions) and five per cent for plexes with two to five dwellings (395 transactions).
“The condominium segment is booming. Thanks to strong sales and a sharp decrease in listings, the number of months of inventory has dropped significantly over the past year, falling from 10.2 months to seven months,” said Nathalie Begin, president of the GMREB Board of Directors, in a press release. “This segment has moved from a buyer’s market to a seller’s market in just one year.”
Average home prices in the Montreal CMA also increased, with single-family homes and condominiums both experiencing price increases of four per cent, climbing to $329,250 and $265,000, respectively. However, this price increase is still below those experienced in October 2017. Meanwhile, the median price of plexes jumped 11 per cent to reach $525,000.
In October, there were 21,515 active residential listings in Montreal, down 17 per cent on an annual basis.