Last Updated on October 24, 2023 by Ephraim Vecina
Fresh numbers from the Greater Montreal Real Estate Board showed that condos remained the strongest drivers of demand in the market, posting a 6% year-over-year increase (up to 1,139 sales) in July.
Last month represented the 10th straight month where Montreal’s condo segment showed the largest gains in sales volume, as well as the 41st straight month of increases in the city’s residential sales volume.
Overall residential transactions in Montreal reached a total of 3,201 completed deals last month. This was also the strongest July in 8 years, according to the GMREB.
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On a year-over-year bases, sales grew by 1%, in keeping with recent trends.
“After a strong start to the year, sales continue to increase in the Montreal area but at a slower pace. In fact, for the past three months, sales have only increased by 1%,” GMREB board of directors president Mathieu Cousineau said.
Inventory declined for the 34th straight month, with 21,230 active Centris residential listings. July’s supply was 17% lower compared to the same time last year.
The median price of single-family homes saw a 6% annual increase (up to $336,250), while those of condos rose by 5% in the same time frame (up to $265,000). The value of plexes posted the largest growth, spiking up by 9% year-over-year (up to $528,500).
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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