The upward trajectory of home sales in the Montreal CMA continued in June with a 1% increase compared to a year earlier.
The Greater Montreal Real Estate Board says that there was a total of 4,081 sales through its Centris provincial database in the month, marking the 40th straight month of monthly gains.
"This level of sustained growth has never been seen before," commented GMREB president Mathieu Cousineau.
There were higher sales in 5 of the CMA’s six main areas led by Laval (8%) and Vaudreuil-Soulanges (6%) while South Shore and the North Shore both increased sales by 4% and there was a 1% rise for Saint-Jean-sur-Richelieu.
Lower sales for the Island, single-family homes
The Island of Montreal was the only one of the six main areas of the CMA to record lower sales year-over-year.
The 5% drop was only the second decline in sales for the Island of Montreal in the past 24 months.
Condo sales saw a 7% increase across the CMA (1,383 sales) while single-family home sales were down 2% (2,290) and there was a 3% drop in sales of plexes (404).
Price increase is smallest in 20 months
The median price of single-family homes in the CMA recorded the smallest annual gain in 20 months; just 1% to $325,089.
There was no change in the median price of condos ($256,000) while plexes saw a 7% rise in median price compared to a year earlier ($507,000).
Inventory was down 17% year-over-year across all property types in the CMA with 22,333 active listings.
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: