Sales of homes in the Greater Montreal CMA gained 6% in March compared to a year earlier, despite a 16% fall in inventory.
The Greater Montreal Real Estate Board reported that 5,656 properties were concluded in the month, making it the strongest March in 8 years and the 37th consecutive month of gains.
Single-family home sales were flat while plexes had their best March sales since 2010, with a 3% rise year-over-year.
Condos were the driver of the market though with a 19% rise overall, and a 37% surge in the South Shore region.
"The condominium resale market is booming in the Montréal area," said Mathieu Cousineau, President of the GMREB Board of Directors. "Not only did we just break the record for the number of transactions in a month of March, but this was also the 11th consecutive month that condominium sales growth has surpassed 10%.”
The median price of single-family homes across the Montréal CMA stood at $314,900 in March, up 5% year-over-year; there was no change for condos at $240,000; and plexes registered the largest increase, as their median price jumped by 9% to reach $495,000.
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: