As expected, red hot conditions continue in all sectors of the residential real estate market.

Inventory levels of single family homes in the West Island have been declining for the past few years, but the pandemic threw gasoline on the fire. Demand for more space in the suburbs intensified, while seniors and empty-nesters are deciding to stay put instead of downsizing. 

Active listings were up 5% over the month of March, with 291 homes on the market in April. While that number has been slowly trending upward since January, it’s still extremely low when compared to the balanced market we saw in April of 2016, when there were 1184 single family homes on the market. This represents a whopping 75% decrease in supply. 

The number of sales for April was up 12% over March, with 204 sales being reported. Meanwhile, the median price of a single family home hit $690,000 which is up 26% compared to June 2020 and up 7% since January of this year.

We now sit at 1.4 months of inventory. As a point of reference, 6 months of supply is considered the benchmark for a balanced market. 

The reason we compared this April with last June is because real estate was completely shut down last April, so comparing the two would be like comparing apples and oranges. By June, the market had rebounded nicely, so this provides a much more accurate benchmark.

Whether you are contemplating renovating, extending, upsizing or downsizing, having a team of professionals in your corner will help you to make better decisions moving forward.

All you have to do is ask! We are here to guide you.