Last Updated on October 24, 2023 by Steve Randall
Home sales in the Greater Montreal area have hit a new May record but it was mainly due to the South Shore.
Overall sales were up 1% year-over-year to 5,303 according to new figures from the Greater Montreal Rael Estate Board; but while the South Shore saw a 12% jump and Laval was up 4%; the North Shore (0%), the Island of Montréal (-1%) and Vaudreuil-Soulanges (-1%) sales levels were similar to those registered in May of last year.
There was a large drop in sales in the Saint-Jean-sur-Richelieu area, down 28% year-over-year.
Condo sales were up 14% (36% on the South Shore), plexes were up 4%, and single-family home sales fell 6%, the first decline for the property type in 5 months.
Prices up, inventory down
The median price of single-family homes across the Montréal CMA stood at $325,000 in May, up 3% year over year while the median for condos increased 6% to $257,000; and plexes jumped 9% to $520,000.
In May, there were 24,501 active residential listings in the Centris system, down 16% year-over-year.
“The number of condominiums for sale in the Greater Montréal area fell by about 22% in May. A drop like this has not been seen in nearly 15 years,” said Mathieu Cousineau, President of the GMREB Board of Directors. “With strong demand and a decrease in supply, as we have been seeing for several months now, the condominium segment – against all expectations – is on the verge of moving into a seller’s market too.”
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
