Montreal has become a hallmark of residential asset stability, with May 2019 representing the 51st straight month of home sales growth in the city.
Latest numbers from the Quebec Professional Association of Real Estate Brokers indicated that a total of 5,607 home sales took place in the city last month, having increased by 6% year-over-year.
Single-family properties were the clear favourites, with a total of 3,048 sales. This represented a 5% gain over the level seen in May 2018.
Condos also enjoyed a generous 2,001 sales during the month, with activity increasing by 7% annually. Plexes enjoyed the greatest proportional gain with 13% year-over-year sales growth, for a total of 550 transactions.
The median cost of a single-family home in Montreal went up by 5% annually, settling at $340,000. Condo average costs rose by 2% to reach $261,000, and plexes saw their median price grow by 6% to $550,000.
Meanwhile, active listings fell by 18% from May of last year, for a total of 19,915 properties listed for sale.
“Properties are selling faster and faster in the Montreal area, as the average selling time – for all property categories combined – stood at 69 days in May, which is 14 days less than one year ago,” QPAREB board of directors president Nathalie Bégin explained.
“Single-family homes and plexes are selling the quickest, with respective selling times of 63 days and 71 days, while it takes an average of 77 days for a condominium to find a buyer.”