Montreal area real estate market hit record high in May but pace of growth slowed

Montreal area real estate market hit record high in May but pace of growth slowed

MONTREAL — The Greater Montreal Real Estate Board says area home sales hit another record high for May, even though the pace of growth cooled from a year ago.

The board says there were 5,303 home sales in May, up one per cent from 5,243 a year ago, based on the real estate brokers’ Centris provincial database.

Last year’s numbers were revised following the addition of the Saint-Jean-sur-Richelieu area in the monthly surveys. Sales rose 16 per cent in May 2017 when including the region southeast of Montreal.

Condominium sales climbed 14 per cent compared with a year ago. Meanwhile, sales of single-family homes were down six per cent while plexes, which include two to five units, rose four per cent.

The average price of all properties in Greater Montreal increased five per cent to $373,899. They were up six per cent to $481,544 on the island of Montreal.

The median price of single-family homes across Greater Montreal was $325,000 last month, up three per cent year-over-year, while plexes reached $520,000, a nine per cent increase.

As for condominiums, the median price was up six per cent compared with a year ago, with half of all units selling for more than $257,000.

The increase in sales came as the number of active listings fell 16 per cent to 24,501, from 29,289 a year ago. New listings fell one per cent to 6,387, compared with 6,431 in May 2017.

The Canadian Press

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