There were 5,607 home sales in the Montreal CMA in May, a 6% increase from a year earlier.

Figures from the Quebec Professional Association of Real Estate Brokers (QPAREB) reveal the 51st consecutive monthly increase in sales; most areas increased sales except the Island of Montreal which declined 1% and Vaudreuil-Soulanges which was down 12%.

The North Shore (15%), Laval (15%), the South Shore (10%), and Saint-Jean-sur-Richelieu (17%) all showed strong momentum.

Single-family home sales increased by 5% (3,048 transactions), sales of condominiums rose by 7% (2,001 transactions), and sales of plexes (2 to 5 dwellings) jumped by 13% (550 transactions) compared to May of last year.

But lower inventory – 19,915, down 18% year-over-year – has increased competition among buyers; and pushed prices higher.

The median price of single-family homes across the CMA increased by 5% year-over-year to $340,000 while condos gained 2% to $261,000. Plexes registered the largest increase in median price, up 6% to $550,000.

"Properties are selling faster and faster in the Montreal area, as the average selling time – for all property categories combined – stood at 69 days in May, which is 14 days less than one year ago," said Nathalie Bégin, president of the QPAREB board of directors. "Single-family homes and plexes are selling the quickest, with respective selling times of 63 days and 71 days, while it takes an average of 77 days for a condominium to find a buyer.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: