GMREB: Montréal’s real estate market sizzled in January

January saw continued growth in Montréal’s real estate market, with prices and the number of sales rising year-over-year, according to the Greater Montréal Real Estate Board (GMREB).

The strongest price growth was on the Island of Montréal, where the median price of a single-family home surged 10% compared with January 2017, from $416,750 to $460,000.

On a month-over-month basis, prices increased by 2.22%, from $450,000 in December.

Across the region, the median price of a single-family home rose 6% year-over-year, from $290,000 to $307,250. As for condos, the median price rose 4% on the Island, from $280,000 in January 2017 to $292,000 in January 2018.

Total real estate sales on the Island of Montréal rose 11% year-over-year, with the number of single-family homes sold in January 2018 up 5% from January 2017.

Across the region, total sales were up 13% year-over-year, with condo sales up 19% and single-family home sales up 10%.

Also read: House prices in Montréal will continue to heat up in 2018

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