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Montreal Home Sales Hit New Record In July

Home sales in Montreal hit a new record in July.

Greater Montreal's real estate market saw sales grow by 16% in July from a year earlier, reaching an all new sales record for the month, according to the Quebec Professional Association of Real Estate Brokers.

The news in Montreal follows a 24.3% July sales jump in the Greater Toronto Area (GTA) and suggests that there is underlying strength throughout Canada’s housing market.

The latest data shows that residential home sales in Montreal reached 3,698 for a 53rd consecutive monthly increase. Sales of single-family homes and condominiums climbed 16% to 2,012 and 1,313 units respectively. Plexes with two to five dwellings increased 23% to 368.

All six main areas of the Montreal Census Metropolitan Area saw significantly higher sales in July with Saint-Jean-sur-Richelieu growing by 75% and Laval increasing 48%. The median price of single-family homes increased 6% to $357,000, with prices on the island of Montreal up 11% to $518,750. Condominium prices were up 5% to $278,600 and plexes gained 10% to $583,000.