Montreal saw a 5 per cent rise in home sales in 2016 according to a new report from the Greater Montreal Real Estate Board.

There were 39,926 residential sales last year with condos (8 per cent) and plexes (7 per cent) showing particular strength. Single-family home sales were up 4 per cent.

There were relatively moderate price increases with a median $295,000 (up 2 per cent) for single-family homes, $240,000 (up 1 per cent) for condos and $460,000 (up 3 per cent) for plexes.

Supply was down 10 per cent, the first decrease in active listings for 5 years.

“Due to the increase in sales, combined with the decrease in active listings, market conditions became tighter for all property categories in 2016,” said Daniel Dagenais, President of the Board of Directors of the Greater Montréal Real Estate Board

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: