Montreal summer market update 2019
Demand is up and supply is down!
When compared to the first quarter of 2018, all of the main sectors of the Montreal Metropolitan Area showed an increase in residential sales, except for the Island of Montreal where sales were down two percent (-2%). The downward sales on the Island could be attributed to the fact that prices have gone up, demand is sky high, and there is very low inventory.
The median price of single-family homes and plexes increased about five per cent (+5%) for the entire region since the first quarter of 2018. For condominium buyers, the Island of Montreal is the number one choice for immigrants, foreign workers and students, resulting in an increase in condo prices of eight percent (+8%).
Both sellers and buyers to adjust themselves accordingly.
The Island of Montreal (downtown and city centre) stood out with the lowest number of months a property remains on the market, making it a necessity for both sellers and buyers to adjust themselves accordingly and strategize when planning a move. You may need to buy first before selling for example. As a first time buyer, you may be priced out of the market and look to buying off-island, or turn to a small plex property to help cover your mortgage.
With an overall drop in active listings for sale by fifteen percent when compared to the first quarter of 2018, you can understand why the Montreal market is so competitive right now. Work with a professional Realtor and mortgage broker to get the best advise for your situation. With our feet on the ground daily, we know the ins and outs of this market, don’t try to go it alone!