Real Estate Market Report October 2017

Christina Miller real estate group market report

We’re profiling some highlights from the third quarter of 2017, as compared to the third quarter of 2016 on the Island of Montreal and in Westmount. “The real estate market is continuing its strong momentum. We are clearly in a seller’s market for single-family homes and plexes in most areas of the Montréal CMA, while the condo market is returning to balanced territory,” said Mathieu Cousineau, President of the Board of Directors of the Greater Montréal Real Estate Board (GMREB) and spokesperson for the Québec Federation of Real Estate Boards in the Montréal area. “In one year, the number of months of inventory has been reduced by more than two and a half months, which is a testament to the speed at which this market segment is tightening,” he added.

Sales

  • With 8,845 transactions concluded, residential sales in the Montréal CMA grew by 9 per cent. This was the 14th consecutive quarterly increase in residential sales.
  • For the third consecutive quarter, condominiums registered the largest sales increase (+18 per cent), with 3,043 units sold – a third quarter sales record for this property category.
  • Sales of single-family homes and plexes (2 to 5 dwellings) also registered significant increases, at 5 per cent and 8 per cent respectively.
  • All five main areas of the Montréal CMA saw sales growth. Laval (+13 per cent) and the Island of Montréal (+12 per cent) registered the largest increases, followed by Vaudreuil-Soulanges (+7 per cent), the South Shore (+6 per cent) and the North Shore (+5 per cent). It should be noted that the Island of Montréal registered a new third quarter sales record with 3,872 transactions.

Q3 results for single-family homes in Westmount.Christina Miller real estate group market report

Christina Miller real estate montreal - october real estate insight

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