Condo sales drove an 8-per-cent increase in residential sales

Condo Sales Drove An 8-per-cent Increase In Residential Sales

Condo Sales Drove An 8 per-cent Increase In Residential Sales

Condo sales drove an 8 per-cent increase in residential sales and Montreal remains a relative bargain even though the average real estate price increased 4.1 per cent to $374,333 in August! Montreal’s real estate market proved to be red hot in August with record sales and rising prices.  Condo sales surged 19% and single family homes, 4%.  While the island of Montreal posted a 12% increase in sales, Toronto’s sales of detached, semi-detached, condos and townhouses fell between 25.7 and 41.6 per cent in August. The The average sales price in the Greater Toronto Area dropped for a fourth-straight month, falling 1.8 per cent to $732,292.

While Toronto’s housing market melts down, Montreal’s sizzles

Sales hit a record and prices rose as housing saw its 30th straight month of gains Montreal’s hot real estate market continued to sizzle last month with record August sales and rising prices. The Greater Montreal Real Estate Board says booming condo sales drove an eight per cent increase in residential sales across the Montreal region.

Although the Montreal market has been performing exceptionally well, one thing’s for certain, the two recent hikes in mortgage rates and a tightening or changing of rules could make things cool down a bit.

Informative Podcast on some Real Estate Advice

Aside from market news I came across a great podcast from Concordia University where they interviewed Concordia real estate alumni experts on whether it’s best to buy or rent, and other good real estate advice. The podcast is called “Real Estate, Real Advice”.  Have a listen here:

Feature Photo by ©Bonnie Meisels

 READ What’s Driving Our Market & Affordable Real Estate

Bonnie Meisels
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