Median price of single-family homes in Montreal surpassed $500,000 in April

The median price for a single-family home surpassed $500,000 for the first time in the Montreal region last month.

In fact, the price of single-family homes increased by 39 per cent from a year earlier, according to statistics compiled by the Quebec Professional Association of Real Estate Brokers.

It remains very much a sellers’ market, with the number of properties up for sale down by 11 per cent from the previous April.

On the island of Montreal, there were 2,399 sales during the month of April, which is a record 17-per-cent increase over the span of a year, with condo sales driving this trend. Listings of single-family homes remain at an all-time low, at just 4,249, which is a decrease of 40 per cent.