Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

October 22, 2009 10:51 ET

Montreal Real Estate Market Remains Active in the Third Quarter

ILE-DES-SOEURS, QUEBEC--(Marketwire - Oct. 22, 2009) - There were 9,330 sales in the Montreal Metropolitan Area in the third quarter of 2009, an 11 per cent increase compared to the same period last year, according to the Greater Montreal Real Estate Board and provincial MLS® data.

"This increase in sales represents the Montreal area's second consecutive quarter in positive territory," said Michel Beausejour, FCA, Chief Executive Officer of the Quebec Federation of Real Estate Boards and spokesperson for the Montreal region. "This is good news - not only is there increased market activity, but property prices are also continuing to grow, confirming that real estate remains a solid investment in the Montreal area," he added.

In terms of prices, the median price of a single-family home increased by 7 per cent in the third quarter of 2009 compared to the third quarter of 2008, reaching $243,000. The median price of condominiums and plexes also grew, registering increases of 3 and 4 per cent, respectively.

In terms of sales by property category, there were 5,600 single-family homes sold in the Montreal area from July to September 2009, a 10 per cent increase compared to the same period last year. Condominium sales increased by 11 per cent, while plex sales grew by 12 per cent.

Geographically, the Vaudreuil-Soulanges area stood out with a 23 per cent increase in sales in the third quarter of 2009 compared to the same period in 2008. The Island of Montreal and Laval also turned in strong performances, as sales in these areas increased by 14 per cent and 16 per cent, respectively. The South Shore and North Shore also stood their ground, with respective increases of 8 and 4 per cent in the third quarter of 2009.

Quebec's Real Estate Market Remains Active in the Third Quarter

Sales in the province of Quebec increased by 7 per cent between July and September 2009 compared to the same period last year, with 18,446 transactions. Property prices also continued to increase, as the median price of a single-family home grew by 5 per cent.

"Sales in the province are up for a second consecutive quarter and property prices continue to increase slowly and steadily, proving that Quebec's real estate market is holding strong," added Mr. Beausejour.

In terms of prices, all property categories registered an increase in median price in the third quarter of 2009 compared to the third quarter of 2008. The median price of single-family homes grew by 5 per cent, that of condominiums grew by 3 per cent and that of plexes increased by 12 per cent.

As for sales, condominiums led the way in the third quarter of 2009 with an 11 per cent increase compared to the same period in 2008, while single-family homes and plexes registered increases of 7 and 5 per cent, respectively.

About the Greater Montreal Real Estate Board

The Greater Montreal Real Estate Board is a non-profit organization that brings together most of the real estate brokers and agents who work in the Greater Montreal area. With close to 10,000 members, it is the second largest board in Canada. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives and maintain their predominance in the real estate industry.

About the Quebec Federation of Real Estate Boards

The Quebec Federation of Real Estate Boards is a non-profit organization composed of Quebec's 12 real estate boards as associate members and the 14,000 real estate agents and brokers who are affiliated members. Its mission is to promote and protect the interests of Quebec's real estate industry so that the boards and their members can successfully meet their business objectives.

Contact Information

  • Greater Montreal Real Estate Board
    Chantal de Repentigny, Assistant Director
    Communications, Industry Relations and Legal Affairs
    514-762-2440, extension 130
    chantal.derepentigny@gmreb.qc.ca