Montreal has best start to real estate market in 4 years

Greater Montreal’s real estate market is off to the best start in four years, with the number of residential sales up 10 per cent in the first quarter.

About 10,600 sales were concluded in the first three months of the year, with sales increasing in all five main geographic areas in and around Canada’s second-largest city, the Greater Montreal Real Estate Board said Thursday.

Sales of residential buildings with two to five units increased 20 per cent. Condominium sales grew 12 per cent and single-family home sales were up eight per cent.

Properties valued at $500,000 or more jumped 21 per cent.

The median price of plexes grew five per cent to $455,000. Single family homes prices rose two per cent to $285,000 overall and up three per cent to $395,000 on the island which includes the city of Montreal. Condo prices fell one per cent to $230,000 overall, but increased four per cent to $276,540 on the island.

There were 34,208 properties for sale during the quarter, down five per cent from a year ago.

Across Quebec, there were 20,308 sales during the quarter, up eight per cent from the prior year.