The Greater Montreal Real Estate Board says October had the highest rate of activity for the month since 2009 with all five main areas of the Montreal CMA posting gains.
Condos led the sales pace with a 13% rise, plexes gained 9% while single-family homes lagged at 3% growth in sales.
The median price of single-family homes across the Montréal CMA stood at $320,000 in October, up 5% compared to October 2016 with condos up 4% to $255,000 and plexes up 5% to $482,500.
Active listings fell 12% year-over-year to 25,314.
“On average, the single-family homes that sold in October were on the market for 78 days, which is 13 fewer days than last October,” said Mathieu Cousineau, President of the GMREB Board of Directors. “It took an average of 81 days for a plex to find a buyer, 3 fewer days than October 2016. For condominiums, the average selling time was 103 days – a decrease of 17 days – and market conditions for this property category are now considered balanced.”
More market update:
Sales of homes in the Greater Montreal market saw a 7% rise year-over-year to 3,270 last month.