According to the most recent sales statistics published by the Greater Montreal Real Estate Board, this past month has been the best March for the Montreal residential real estate market in 5 years. There were 5159 residential sales recorded in March 2017, an increase of 10% compared to March 2016.
GMREB’s president of the Board of Directors, Daniel Dagenais, feels that certain first time home buyers made the decision to purchase a little sooner than they would have, due to the rise of mortgage loan insurance premiums on March 17th. He was quick to add, however, that the heightened activity in the higher price range show that it is primarily experienced buyers that set the tone for the increase.
As was the case for the January and February 2017, it was the sale of condominiums that showed the greatest increase, at 15%. The sale of single family dwellings went up by 9%, and the sale of plexes rose by 3%.
The number of active listings in the Census Metropolitan Area of Montreal has decreased by 14% in the month of March. According to the GMREB, we are in a seller’s market for single family dwellings, a buyer’s market for condominiums and a balanced market for the plexes.