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Hot condo market paces Montreal sales in July

Hot condo market paces Montreal sales in July

While most types of properties throughout Canada in July took a dip in value from June, Montreal condos gained 3.7% to reach a median of $232,000 over the past month, according to the latest statistics from the Greater Montreal Real Estate Board (GMREB).

Condominiums remain a hot buy in Montreal, with sales up 19% in July since last year, while the median price rose 5%.

Condo sales totalled 871, down 23% since June, slightly less than the overall dip of 26% in sales in Montreal from last month.

The median price of a condo is now just 15.6% cheaper than the median single-family home in Montreal.

“Condominiums continued to be extremely popular in the Greater Montreal area,” said Diane Menard, Vice President of the GMREB Board of Directors.

She said condo sales in the Montreal area are an “urban phenomenon,” representing 77% of all condo transactions across the province. Nearly 50% of the market is in the Island of Montreal, where condo sales were up 23% since last year. The North Shore was similarly up 22% in sales, whereas Laval and the South Shore were up 15% and 11% respectively.

Single-family home sales, at 1,440 in July, showed no change from a year ago. The median price, however, was up 7% to reach $275,000, but the same median price as in June. Fourplex sales were up 6% from a year ago and the median price was $407,000 in July, up 6% from a year ago and down less than 1% from June.

Sellers seized on the strong demand by offering 18% more active listings than a year ago, at 22,826 in July. Those listings were down 3% from June.