Montreal Real Estate Market Update at Q3 2016

Find out what has been happening in the Westmount Real Estate Market. We are 3 months away from closing out Real Estate Sales in 2016. The 3rd Quarter Real Estate results are in!



There have been 131 Sales in Q3 of Single-Family Westmount homes.

At October 1st, there were 131 sales of single family homes. The total number of sales in this category for 2015 was 146 but the heavy sales volume in September, combined with buyer activity in the area is suggesting that demand is high at the moment so we may exceed that figure this year.
How has the Westmount Real Estate Market performed this past month?

– September brought many new listings to the market, in fact at 28 new listings. This almost triples new homes on the market from last month, yet sales have remained steady.
– The average asking price at $2.809M this month has increased significantly over last, almost $200k in part to a new listing at $18.5M
– There are 6 luxury Westmount homes on the market listed over $7M.

While the Westmount market remains steady, a recent article in The Montreal Gazette says that “Montreal’s hot real estate market appears to have cooled, according to the latest assessment roll released by the city. The average home on the island saw its value increase by just 5.9 per cent in the last three years. In the city of Montreal, excluding the suburbs, the average increase was 6.2 per cent.” Which is the exact increase of single-family homes in Westmount.  The article continues to explain that “the suburbs on the island with the highest increases were Westmount, Town of Mount Royal and Pointe-Claire, while the suburbs with the lowest increases were Senneville, Baie-d’Urfé and Hampstead.” Read more here.

Need more insight? Read highlights direct from on Montreal’s Second Quarter 2016 real estate results! Read more here.