Montreal faces housing shortage as listings decline
Montreal’s housing market tightened last month as inventory plunged, according to the city’s real estate board.
The total number of homes up for grabs fell 19 per cent to 17,980 in June, compared with the 22,236 active listings in the same month last year, according to the Quebec Professional Association of Real Estate Brokers.
Meanwhile, home sales in June rose seven per cent year-over-year. Condominiums saw the biggest increase, with sales rising 13 per cent to 1,563 in the month compared with the 1,378 condos sold in June of last year.
Nathalie Bégin, president of the local real estate association, said market conditions haven’t been this tight since June 2005.
"These conditions can be explained by sustained sales levels coupled with the 45th consecutive monthly drop in the number of active listings,” she said in a release Friday.
At the same time, the median price of single-family homes across the region climbed, rising eight per cent to $352,250 in June, marking the largest monthly price increase in the last two years.