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Real Estate, Urbanized, News

Montreal's residential real estate sales soared in January: Report

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DH Montreal Staff Feb 07, 2018 10:26 am 60

Montreal’s residential real estate sales continued to be red-hot in January 2018.

According to a new report from the Greater Montréal Real Estate Board (GMREB), a total of 2,598 residential sales were completed in January 2018, up 13% from January last year.

These were the best January sales results in eight years.

Montreal real estate

CNW Group/Chambre immobilière de Montreal

“There are fewer and fewer properties for sale in the Montréal area and demand remains strong. As a result, the resale market is, generally speaking, more advantageous for sellers,” said Mathieu Cousineau, president of the GMREB board of directors, in a release.

According to the report, all six Montréal Census Metropolitan Area regions saw a climb in sales.

Saint-Jean-sur-Richelieu (80 sales) and the South Shore (628 sales) led the way with respective sales increases of 31 and 22%.

For the fourth consecutive quarter condominiums had the largest increase in sales. In January condo sales jumped by 19%.

It wasn’t just residential sales that had a stellar January performance. According to a report by CBRE, Montreal’s office market has also seen the largest amount of tenant demand on record.

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DH Montreal Staff

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