Montreal's Real Estate Sales Continue to Improve
For seven consecutive months now, the sales of residential properties in Montreal, Canada continue to soar, as data showed.
Reports from the Greater Montreal Real Estate Board that was released last week revealed that real estate sales in the majority of the Montreal Metropolitan area are continuously showing signs improvement.
Last month's data (Sept 2015), showed a 5 percent increase as compared to the same period of last year, which translates to a total of 2,665 residential properties sold. The improvement in the number sales in Montreal has been observed since February of this year.
In terms of specific areas, Laval registered the highest percentage of improvement at 10 base points as compared the previous month, followed by the Island of Montreal with 8 percent. Having a 3-percent increase is the South Shore while a positive increase of 1 percent has been recorded in the areas of Vaudreuil-Soulanges as well as in the North Shore.
In terms of property types sold, the hottest was dwellings with an average of three sold dwellings in the month of September, which translates to an impressive 23 percent improvement from the same month in 2014.
The Real Estate board also added that the September's average number of properties sold also showed an improvement compared to the preceding month or 20 percent increase.
For family dwelling properties, the board also noted a four percent increase as opposed to the same period in 2014. On the other hand, condominium sales recorded a positive one percent increase in September.
In terms of the mean prices of condominium in the area, the September record shows that it has pegged at $248,000 per unit of a condominium or slightly six percent increase from the previous year.
Meanwhile, the average price of a single-family dwelling is now at $292,500, which recorded a regional increase of three percent, except on the Island of Montreal where the average price of a single-family home has increased by nine percent, the same report indicated.
Although it saw relatively lower average price last year, the average price for multi-family dwelling as of September has reached $420,000 or slightly two percent higher than the price for the same period of last year.