This was the most active month of August since the GMREB began keeping track of property sales. Montréal real estate market has been building an impressive track record,” said Mathieu Cousineau, President of the GMREB
Board of Directors. “Sales have increased for 29 of the past 30 months, with July 2016 (0 per cent) being the only month in which sales did not increase. The last monthly drop in sales dates back to February 2015,”added Mr. Cousineau.
Did you know the number of residential properties for sale in Montreal is 15% lower than it was this time last year? The number of residential properties listed on the real estate brokers’ Centris® system (24,031) was 15 per cent lower than it was in August of last year.
According to a recent article in Global News “Montreal is emerging as a luxury real estate “hot spot,” while Vancouver and Toronto sales should pick up this fall after somewhat sluggish times…”. Sales of condominiums and homes over $1 million in Montreal jumped 60% year over year this July and August. This summer saw Montreal agents reporting bidding wars in several of the city’s central affluent neighbourhoods according to the Globe & Mail.
What’s happening in the Westmount Real Estate Market?
Home inventory is incredibly low yet demand for luxury properties is still on the rise. The demand in the luxury real estate market is continuously outpacing supply.
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