Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

April 21, 2010 08:30 ET

Montreal Real Estate Market Starts the Year Off Strong

ILE-DES-SOEURS, QUEBEC--(Marketwire - April 21, 2010) - Sales in the Montréal Metropolitan Area increased by 46 per cent in the first quarter of 2010 compared to the first quarter of 2009 and by 10 per cent compared to the first quarter of 2008, according to the Greater Montréal Real Estate Board's MLS® statistics.

"It's important to remember that the Montréal real estate market was hit by the recession in the first quarter of 2009, and sales were down 24 per cent. The first quarter of 2008, prior to the start of the recession, provides us with a better point of comparison," said Michel Beauséjour, FCA, Chief Executive Officer of the Québec Federation of Real Estate Boards (QFREB) and the Greater Montréal Real Estate Board (GMREB). "With a 10 per cent increase in sales compared to the first quarter of 2008, the Montréal real estate market is very active, which can be explained by positive economic conditions. Interest rates are low, the job market is improving and consumers have confidence in the economy," he added.

All property categories contributed to the vitality of Montréal's real estate market at the start of the year. Sales of single-family homes increased by 42 per cent compared to the first quarter of 2009 and by 8 per cent compared to the first quarter of 2008. Condominium sales increased by 54 per cent compared to the first three months of 2009 and by 13 per cent compared to 2008. Plex sales increased by 45 per cent compared to the first quarter of 2009 and by 13 per cent compared to the first quarter of 2008.

In terms of prices, the median price of single-family homes reached $243,000 in the first quarter of 2010, an 8 per cent increase compared to the same period last year. The median price of condominiums also posted an 8 per cent increase, reaching $200,000, while that of plexes increased by 10 per cent, reaching $371,000.

Geographically, all of the main areas in the Montréal region posted an increase in sales in the first three months of the year. Vaudreuil-Soulanges registered a 56 per cent increase in sales compared to the first quarter of 2009 and a 10 per cent increase compared to the first quarter of 2008. In Laval, sales increased by 50 per cent compared to the first three months of 2009 and by 18 per cent compared to 2008. The Island of Montréal, North Shore and South Shore registered respective increases of 43, 45 and 48 per cent compared to the first quarter of 2009, while sales in these areas increased by 10, 8 and 9 per cent, respectively, compared to the same period in 2008.

First-Time Buyers Were Active in Québec

In Québec, sales increased by 38 per cent in the first quarter of 2010 compared to the first quarter of 2009, during the economic downturn, and by 12 per cent compared to the first quarter of 2008, before the start of the recession.

Condominiums stood out with a 49 per cent increase in sales compared to the first quarter of 2009, and a 16 per cent increase compared to the first quarter of 2008. Single-family homes and plexes also performed well, posting respective sales increases of 36 and 31 per cent compared to the first quarter of 2009 and increases of 12 and 9 per cent compared to 2008.

"The fact that condominiums are so popular leads us to believe that first-time buyers were very active in the market at the start of the year," said Michel Beauséjour. "The results of our most recent survey show that 43 per cent of Québec consumers considering buying a property over the next 12 months are currently renting. Also, mortgage rates are increasing and this has led some consumers to buy a property a little earlier than expected, creating a very active market," he added.

In terms of prices, half of all the single-family homes sold in the province in the first quarter of 2010 were sold at a price greater than $206,000, a 9 per cent increase compared to the first quarter of 2009. The median price of condominiums reached $189,000, a 10 per cent increase compared to the same period last year, while that of plexes reached $310,000, a 19 per cent increase.

For more statistics, consult the MLS® Statistics section on the centris.ca™ (http://www.fciq.tv/en/videos/voir/402/) homepage.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization that brings together most of the real estate brokers and agents who work in the Greater Montréal area. With more than 10,500 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 Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec'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 Québec's real estate industry so that the boards and their members can successfully meet their business objectives.

For a video update on MLS® statistics on QFREB TV, click here (http://www.fciq.tv/en/videos/voir/402/).

Contact Information

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