According to a new press release from the GMREB (Greater Real Estate Board of Montreal), Montreal ends 2016 with an increase in residential sales. A total of 2,476 residential sales were concluded in December 2016 in the Montréal CMA. This is a 3% increase compared to December of last year. This was the most active month of December since 2011.
By comparison, a total of 16 residential sales were concluded in Westmount in December 2016. This is a 50% increase compared to December of last year.
According to cbc.ca after home sales went up for the second year in a row, Montreal's real estate market favoured sellers in 2016. However, experts warn that this may not be the case for 2017. Paul Cardinal, director of market analysis at The Quebec Federation of Real Estate Boards (QFREB), said 2016 buyers targeted homes in Ahuntsic, Nuns' Island and the borough of Plateau-Mont-Royal. Cardinal said there was a strong market for sellers in Montreal's more expensive neighbourhoods, singling out Westmount, Outremont and Town of Mount-Royal.
Cardinal said he expected sales overall to drop slightly in 2017, given that there were new mortgage requirements introduced by the federal government last fall. This combined with a possible hike in interest rates could also discourage people from taking out a mortgage. Still, Cardinal said that a strong labour market in Quebec and the low unemployment rate will ensure a strong real estate market in 2017.
Will the trend in sales hold in 2017? How did Westmount’s real estate market compare in 2016 to 2015?
• A total of 192 Westmount home sales were sold in 2016 compared to 146 sales in 2015. This is an incredible 31% increase from 2015 to 2016.
• The average sale price increased 3% over last year from $1,555,000 in 2015 to $1,607,000 in 2016.
• The final favorable factor in Westmount’s favourable seller’s market, was the time it took to sell a Westmount home. Westmount sales saw a 4% decrease in average days on market from 137 days in 2015 to 131 days in 2016.
Over the last 5 years, except for a small dip in sales from 2012-2013, the number of Westmount single family homes sales has steadily increased, with a significant rise from 2015 to 2016.
Result from last 5 years; Jan 2012 to Dec 2016 Single Family Homes in Westmount, Quebec.
Results calculated from 761 listings.
*Based on data from Centris.ca
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