The first quarter of 2018 saw a 15th consecutive gain for home sales in Montreal.
It was the best start to a year for the market since 2011 with 12,311 residential sales concluded in the quarter, a 7% rise from 2017.
Greater Montreal Real Estate Board says that condos led the rise with sales up 17% to 4,278; plexes were 5% to 1,019; single-family home sales were up a modest 2% to 7,005.
There was a 16% drop in active listings year-over-year with 25,910 homes available for sale.
That put upward pressure on prices with the median for single-family homes up 5% to $310,000; condos up 3% to $245,000; and plexes up 7% to $490,000.
"Because of the sharp drop in supply for all three property categories, coupled with the increase in sales, market conditions are becoming more and more advantageous for sellers," 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.
He added that only condos are showing a balanced market.