Montreal’s sizzling real estate market has spawned bidding wars, a common occurrence in recent years in the frenzied Toronto and Vancouver markets, but a rare phenomenon in Canada’s second-largest city.
A mix of very low inventory, a solid Quebec economy and influx of foreign buyers has caused home prices in Greater Montreal to appreciate above the national average for the first time in seven years.
In contrast to mixed performances in the Toronto and Vancouver markets that tend to dominate headlines, Montreal’s market is on a solid upward trajectory.
The Greater Montreal Real Estate Board reported home sales increased in July for their 41st consecutive month, hitting an eight year high for the month. The median single-family home price rose six per cent compared to the same month a year ago to $336,250 — still much lower than in Canada’s biggest market of Toronto, where the average home price stood at $782,129 in July. [Read Me…]