Montréal’s Residential Real Estate Market Remains Strong
L'Île-des-Sœurs, March 6, 2018 - 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, 4,081 residential sales were concluded in February 2018, a 5 per cent increase compared to February of last year. This was the 36th straight increase and the best month of February since 2012.
Sales by geographic area Five of the six main areas of the Montréal CMA registered an increase in sales in February, Laval being the sole exception with a 3 per cent decrease. The area of Vaudreuil-Soulanges performed especially well with a 21 % jump in sales.
The areas of South Shore (+ 10 per cent), Saint-Jean-sur-Richelieu (+ 7 per cent) and the Island of Montréal (+5 per cent) posted significant increases, while the increase in the number of transactions was more modest on the North Shore (+ 2 per cent). Sales by property category As was the case in 21 of the past 24 months, condominiums registered the largest increase in sales, jumping by 14 per cent in February.
Single-family homes and plexes (2 to 5 dwellings) posted small increases of 1 per cent and 3 per cent, respectively. Prices The median price of single-family homes across the Montréal CMA stood at $310,000 in February, up 6 per cent compared to February 2017. The median price of condominiums grew by 5 per cent, as half of all units sold for more than $250,000. As for plexes, their median price reached $481,500, a 1 per cent increase compared to February of last year.
“The acceleration in price growth is a direct result of increasingly tighter market conditions, which can be explained by a decline in the supply of properties for sale," said Mathieu Cousineau, President of the GMREB Board of Directors.
Number of properties for sale In February, the number of active residential listings in the Centris® system (26,252) was down 17 per cent compared to last year.
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 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. Société Centris® provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris® also manages the collaboration system used by more than 13,000 real estate brokers in Québec.
For further information:
Alain Demers Assistant Manager,
Communications and Public Relations Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 173
alain.demers@cigm.qc.ca
