Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

August 06, 2008 10:39 ET

Montreal Resale Market Continues Strong

MLS® Residential Statistics for the Montreal Metropolitan Area

ILE-DES-SOEURS, QUEBEC--(Marketwire - Aug. 6, 2008) - Montreal Metropolitan's July resale market continued to defy the downward trend of other major cities by registering a slight decrease of one per cent in MLS® sales transactions compared to the same month last year. The Greater Montreal Real Estate Board (GMREB) reported 2,892 MLS® sales transactions, almost the same number of sales as last year's July, which set an all time record for that month.

"Thanks to stable mortgage rates and an increase in consumer confidence, the resale market's performance in July is outstanding," says Michel Beausejour, FCA, Chief Executive Officer of the GMREB. "A small decrease is excellent news especially considering that there was an all time record set in July 2007, when sales increased by 25%. As well, Montreal continues to shine compared to other major cities such as Calgary and Vancouver whose July sales decreased by -12% and -44% respectively."



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MLS® Residential Statistics
Montreal Metropolitan Area
July 2008 versus July 2007
Variation
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Active listings 21,538 +12%
New listings 3,304 +11%
Total sales 2,892 -1%

Single-family 1,739 -4%
Condominiums 783 +3%
Plexes (2 to 5 dwellings) 321 -4%
Volume of sales $786,123,233 +4%

Median price
Single-family $231,000 +3%
Condominiums $205,000 +10%
Plexes (2 to 5 dwellings) $339,000 +6%
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Source: Greater Montreal Real Estate Board by Centris™


In the suburbs, there were increases in the Laval (+3%) and South Shore (+2%) regions, which compensated slightly for the decline registered on the Island of Montreal. The North Shore stayed constant with last year, with 634 sales, which represents 22% of all transactions for the Montreal Metropolitan Area. It is mainly on the Island of Montreal (-4%) that the resale market was less active than the same period last year. We also note slower activity in the Vaudreuil-Soulanges region, which registered a 9% decrease in transactions.

The condominium market continued its momentum with a 3% increase in sales. However, single-family homes and plexes with 2 to 5 dwellings both registered 4% decreases this past month.

Condominiums stood out in July with a 10% increase of their median price, compared to July 2007, and it now reaches $205,000. The median price of single-family homes went up by 3% to reach $231,000. And finally, plexes doubled that number with a 6% increase of their median price.

"Montreal continues to be a good real estate investment as evidenced by the gradual progressive increase in its resale prices," says Michel Beausejour.

The number of active listings increased by 12% as of July 31, 2008 when compared to the same date last year.

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 more than 9,500 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.

For July 2008 statistics charts:

http://www.centris.ca/upl/MT/Tableaux%20Communiques%20CIGM%202008M7_ENG.pdf

For year-to-date statistics charts:

http://www.centris.ca/upl/MT/Tableaux%20Communiques%20CIGM%202008M7cum_ENG.pdf

Important Note

From now on, the Greater Montreal Real Estate Board will publish its MLS® sales statistics by Montreal Metropolitan Area territory, as defined by Statistics Canada during the last census. The list of municipalities that make up this territory is available at www.statcan.ca.

In addition, the Greater Montreal Real Estate Board will use the median price to measure the evolution of property prices. The median price is the middle price, in other words, half of the transactions had a lower price and the other half had a higher price.

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