Latest figures from the Greater Montreal Real Estate Board showed that the city was a seller’s market in 2016, a development that accompanied the second consecutive year of sales volume growth in the metropolitan area.
Home sales grew by 5 per cent year-over-year, up to 39,926 transactions across all property types. Markets observer Paul Cardinal stated that the trend proved strongest in Ahuntsic, Nuns’ Island, and the borough of Plateau-Mont-Royal—as well as higher-end localities like Westmount, Outremont, and Town of Mount-Royal.
“The majority of the sectors west of the island were already a sellers’ market,” the director of market analysis at the Quebec Federation of Real Estate Boards told CBC News.
Cardinal added that the Montreal market proved quite attractive to buyers of single-family homes who are seeking more affordable options, especially considering the runaway price growth in overheated cities like Toronto and Vancouver.
Montreal homes sold for an average of $349,573 last year, far lower than Toronto’s $729,922.
And while sales might slow down this year due to recent changes to federal mortgage regulations, Cardinal assured that Quebec’s strong employment figures will continue to buttress the provincial real estate sector.
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