Home sales in the Montreal CMA ticked higher in July with 2,685 homes sold, up 3 per cent from a year earlier.
The Greater Montreal Real Estate Board data shows that the South Shore had the largest increase with a 7 per cent increase in sales while the Island of Montreal saw a 5 per cent rise.
However, there was a second consecutive drop in year-over-year sales in Vaudreuil-Soulanges (5 per cent) and Laval (4 per cent).
Demand was high for plexes (up 13 per cent) and condos (up 11 per cent) but there was a decrease in sales of detached homes for the first time in 18 months with a drop of 3 per cent. Prices in the Montreal CMA were up 3 per cent to a median $300,000.
“Although the condominium resale market still gives buyers the upper hand (13.4 months of inventory), the surplus of inventory is gradually becoming absorbed,” said Daniel Dagenais, President of the GMREB Board of Directors. “Market conditions for single-family homes and plexes have already been balanced for several months now.”
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