Montreal’s real estate market was one of Canada’s hottest markets in 2017 as low unemployment and economic growth translated into the area’s best sales growth in a decade.
“It’s on fire,” said Paul Cardinal, manager market analysis for the Quebec Federation of Real Estate Boards. The overall sales growth far exceeded Paul Cardinal expectations. He said the last time growth in Montreal sales outpaced Toronto and Vancouver was in 1998. – Read more on CBC News
2017 was also a great year for luxury properties, as sales of single-family homes in Montreal at $1,000,000 or more increased by 20% and sales of condominiums at $500,000 or more rose by 42 per cent.
The Westmount Real Estate Market was no exception.
New Listings and Sales on Westmount’s single-family homes in 2017 were down over 2016 however, the average sale price was up.
What does this mean? There was a shortage of home inventory and new homes coming onto the market in 2017, yet buyer demand outpaced supply and drove sale prices up with multiple offer situations.