The Greater Montreal Real Estate Board reported home sales increased in July for their 41st consecutive month, hitting an eight year high for the month. The median single-family home price rose six per cent compared to the same month a year ago to $336,250 -- still much lower than in Canada's biggest market of Toronto, where the average home price stood at $782,129 in July.
The bidding war situation is especially strong in Montreal's West Island, where nearly one quarter of houses sold above the asking price in the second quarter, according to Royal LePage.
Sellers on the island of Montreal received bids about $15,000 or 3.5 per cent above asking price, said Dominic St-Pierre, senior director for Royal LePage in Quebec.
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