Friday, April 15, 2016

Montreal's Resale Market Regains the Bounce in its Step During the First Quarter of '16

Good news from the Greater Montreal Real Estate Board. The local resale market got off to its best start in four years, with a 10 per cent increase in sales across all housing types.

There were 10,600 sales during the first three months of 2016, compared to 9,645 a year earlier. Sales were up across the Greater Montreal area, which is divided into five different census area.

Revenue properties with two to five units saw the biggest jump, up 20 per cent. That represented 958 properties sold. Condo sales were up 12 per cent, though prices edged down 1 per cent compared to a year earlier. Single home sales rose by six per cent, to 6,449 units.

The average prices of a Montreal home rose to $285,000, a two-per-cent bump. That average prices takes into account all sales from unrenovated bungalow in the furthest reaches of the 450 to the grandest mansion sold in Westmount. Obviously, there have been many more of the former than there were of the latter. Don't takes the average prices as an indication of what a house will cost you on the island.

The first-quarter results represent the seventh consecutive quarterly increase since 2000, when the board began keeping trimestrial statistics in 2000. Good times!

There were 34,208 properies listed for sale in the Montreal area, down five per cent compared to a year earlier.

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