Hot condo market drives 10 per cent rise in Montreal area home sales in June

Hot condo market drives 10 per cent rise in Montreal area home sales in June

MONTREAL — The Greater Montreal Real Estate Board says area home sales increased by 10 per cent in June, driven by a hot condo market.

There were 3,952 properties sold last month, the highest level for June in eight years.

The data comes amid concerns that a 15 per cent foreign buyers’ tax in the Greater Toronto Area could have a spillover effect on Canada’s second-largest city.

Quebec’s finance minister has said he has no plans in the near term to introduce such a tax since foreigners accounted for only about 1.5 per cent of all Montreal-area sales in the first nine months of 2016, according to the Canada Mortgage Housing Corp.

Housing sales in June were aided by a 17 per cent increase in sales on the Island of Montreal.

Condominium sales were up 20 per cent, marking a steady increase for a second consecutive month, while sales of single family homes rose four per cent.

The average price of Montreal area homes was $362,207 for June, up six per cent from a year ago. The average price for single family homes rose nine per cent to $396,367.

The Canadian Press
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