11 Sep 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.
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