MONTREAL — Home sales across Montreal and its surrounding areas in October surged 11 per cent compared with a year ago, as the city’s real estate market continued on a hot streak.
The Greater Montreal Real Estate Board says there were 3,731 sales last month, a new sales record for the month of October.
It also marked the 44th consecutive monthly sales increase, according to the board.
Condo sales were up 22 per cent year-over-year at 1,361, while single family home sales climbed six per cent to 1,971. Sales of plexes, which include two to five units, totalled 395, up five per cent from a year ago.
The median condominium price was also up four per cent from a year ago at $265,000, while the median price of a single-family home also jumped four per cent to $329,250. The median plex price was up five per cent at $525,000.
The number of new listings was down two per cent compared with a year ago, while the number of active listings fell 17 per cent compared with a year ago to 21,515.
“The condominium segment is booming. Thanks to strong sales and a sharp decrease in listings, the number of months of inventory has dropped significantly over the past year, falling from 10.2 months to seven months,” Nathalie Begin, president of the GMREB board of directors, said in a statement.
“This segment has moved from a buyer’s market to a seller’s market in just one year.”
The GMREB represents more than 9,500 members across Montreal and the surrounding area.
The Canadian Press
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