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Real estate sales grow in Montreal

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Home sales in the Greater Montreal area increased 4 percent in October from a year ago, while average home prices posted even larger gains, according to statistics released by the Greater Montreal Real Estate Board. A total of 3,836 sales were recorded on the S.I.A./MLS network in October, up 4 percent compared with the 3,676 sales recorded for the same month last year. Since the beginning of the year, 42,596 properties have changed hands, a 2 percent increase compared to the same period in 2004. The average price of a single-family home sold in the Greater Montreal area was 9 percent higher, reaching $209,000, compared with $192,000 in October 2004. "When analyzing our statistics, we notice that 6 out of 10 properties (60 percent) are sold within 60 days or less and barely 1 out of 10 (8 percent) is sold in more than 181 days", said GMREB Chief Executive Officer Michel Beausejour. In Greater Montreal, the average selling time for a residential property (all types) is 72 day...