Led by the South Shore, the Montréal real estate market continues its momentum
L'Île-des-Sœurs, March 7, 2016 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® provincial database. In total, 3,743 residential sales were concluded in February 2016, an increase of 15 per cent compared to February 2015. “Sales rose strongly early this year while active listings continued to fall, resulting in tighter market conditions,” said Daniel Dagenais, President of the GMREB Board of Directors.
He added, “In February, single-family homes saw the greatest drop in supply with 8 per cent fewer homes for sale compared to February 2015.” It was on the South Shore of Montréal that the market was the most active with sales in this area increasing by 20 per cent over the past three months. Sales by geographic area Each of the five main areas of the city posted an increase in home sales in February 2016. It is Vaudreuil-Soulanges that experienced the greatest increase in sales with a 20 per cent jump compared to February 2015. The South Shore, North Shore and Laval also experienced a February much more active than last year, posting a growth in sales of 19 per cent, 19 per cent and 15 per cent, respectively.
On the Island of Montréal, the number of transactions had a more moderate increase of 9 per cent compared to February 2015. Statistics by property category Throughout the Montréal CMA, plexes registered the highest growth in sales in February, up by 28 per cent. Condominium sales increased by 16 per cent thanks to a big jump on the North Shore (35 per cent) and Laval (28 per cent). The number of transactions of single-family homes also saw an increase in February, up by 13 per cent. Prices For the CMA as a whole, the median price of single-family homes reached $285,000, an increase of 2 per cent compared to February 2015.
The median price of condominiums decreased by 2 per cent to $226,000 across the CMA. The median price of plexes grew by 4 per cent to reach $446,999. Number of properties for sale For the fifth consecutive month, the number of properties for sale on the real estate brokers’ Centris® system fell, with the number of active listings decreasing by 5 per cent in February compared to last year. For more information, please visit www.homepriceindex.ca.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with close to 9,300 members: real estate brokers. Its mission is to actively promote and protect its members’ professional and business interests in order for them to successfully meet their business objectives.
About Centris®
Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources exclusively to Québec’s 12 real estate boards and their 13,000 real estate brokers.
For further information:
Manon Stébenne Manager,
Communications and Public Relations Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 157
manon.stebenne@gmreb.qc.ca
josee.labrie@gmreb.qc.ca
