Residential Sales in Montréal Grow by 3 Per Cent in July

L'Île-des-Sœurs, August 4, 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, 2,685 residential sales were concluded in July 2016, which is a 3 per cent increase compared to July of last year.

Sales by geographic area The largest increases in sales were on the South Shore (578 transactions) and on the Island of Montréal (1,161 transactions), with increases of 7 per cent and 5 per cent, respectively, compared to July 2015. The North Shore (543 transactions) registered a 1 per cent increase in sales. In contrast, sales fell by 5 per cent and 4 per cent, respectively, in Vaudreuil-Soulanges (134 transactions) and Laval (269 transactions). In both of these cases, this was the second consecutive drop in sales.

Sales by property category Sales of plexes (2 to 5 dwellings) and condominiums performed well in July, thanks to respective increases of 13 per cent and 11 per cent throughout the Montréal CMA. Sales of single-family homes decreased for the first time in 18 months, meaning since January 2015, falling by 3 per cent (1,526 transactions).

Prices The median price of single-family homes throughout the Montréal CMA increased by 3 per cent compared to July of last year to reach $300,000. The median price of condominiums grew by 2 per cent compared to one year earlier, as half of all condominiums sold for a price higher than $250,000. Finally, the median price of plexes remained unchanged at $455,000. “Although the condominium resale market still gives buyers the upper hand (13.4 months of inventory), the surplus of inventory is gradually becoming absorbed,” said Daniel Dagenais, President of the GMREB Board of Directors.

“Market conditions for single-family homes and plexes have already been balanced for several months now,” he added. Number of properties for sale The downward trend in the number of active listings on the real estate brokers’ Centris® system continued for a tenth consecutive month, sitting at 11 per cent in July.

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 more than 9,000 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 – nearly 100,000 – 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