Trends taking shape in Westmount’s real estate market

What are the trends taking shape in Westmount’s real estate market?

  • Sales are predictably lower given that July is holiday time for many Westmount families.
  • Surprisingly 11 homes were listed during the month of July vs only 3 for the same month last year.
  • There are 17 listings over $4M!Historically we never had that many homes over this price point.
  • Is foreign ownership likely to surge Montreal’s real estate prices? According to a report released in July, Montreal is not feeling the effects of foreign investors in the real estate market. “Foreign ownerships has been a growing focus of attention among those concerned about surging prices in markets such as Vancouver and Toronto.” explains The Globe and Mail’s Alicja Siekierska “As Canada grapples with the impact of foreign investors in the country’s two hottest real estate markets, Canada Mortgage and Housing Corp. says international purchasers have very little impact on housing prices in Canada’s second largest city – Montreal.” Read more from The Globe and Mail here.
  • Active listings are down 16% from last year on single family home inventory.
  • Inventory is lighter and homes are selling a little faster than last year.
  • There were 9 sales in Westmount in July:
  • 3 under $1M
  • 4 between $1-2M
  • 1 at $2.6M
  • 1 at $3.3M
  • The AVG. sale price was $1,548,000 and the Median sale price was $1,349,000, largely affected by the fact that 2 sales were over $2.6M
  • 1471617032