Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

April 09, 2014 07:00 ET

Centris® Residential Sales Statistics-March 2014: Prices Remain Stable and Sales Decrease Slightly in March

ILE-DES-SOEURS, QUEBEC--(Marketwired - April 9, 2014) - The Greater Montréal Real Estate Board (GMREB) today released its residential sales statistics for the Montréal Census Metropolitan Area (CMA). According to the real estate brokers' Centris® provincial database, 4,284 residential sales transactions were concluded in March 2014, a 3 per cent decrease compared to March of last year. This was the fourth consecutive monthly decrease in sales.

All three property categories registered a drop in sales compared to March of last year. Sales of single-family homes and plexes fell slightly by 1 per cent, while condominium sales dropped by 7 per cent.

By geographic area, Vaudreuil-Soulanges registered the largest increase in sales (+9 per cent) compared to March 2013, the sixth consecutive monthly increase in sales in this area. Sales grew by 1 per cent on the Island of Montréal while, in contrast, the South Shore registered the largest decrease in sales at -8 per cent.

The median price of single-family homes across the CMA increased for the sixth consecutive month in March 2014, rising by 2 per cent to reach $280,000. The Island of Montréal and the North Shore both registered an increase of 2 per cent, while decreases were observed on the South Shore (-1 per cent), in Laval (-2 per cent) and in Vaudreuil-Soulanges (-7 per cent).

Centris®Residential Statistics
Montréal Metropolitan Area
March 2014 versus March 2013
Active listings 35,947 9 %
New listings 8,445 2 %
Total sales 4,284 -3 %
Single-family homes 2,648 -1 %
Condominiums 1,241 -7 %
Plexes (2 to 5 units) 394 -1 %
Sales volume $1,357,212,198 -1 %
Median price
Single-family homes $280,000 2 %
Condominiums $225,000 1 %
Plexes (2 to 5 units) $426,502 2 %
Source: Greater Montréal Real Estate Board by Centris®

The median price of condominiums rose by 1 per cent to reach $225,000. Increases were seen on the Island of Montréal (1 per cent), on the North Shore (1 per cent) and in Laval (4 per cent), while the South Shore posted a decrease of 2 per cent, compared to March of last year.

As at March 31, 2014, there were 35,947 active listings in the Centris® system, up 9 per cent compared to the same period last year.

The supply of condominiums increased by 11 per cent in March. "Even though the number of condominium listings continues to rise, the increase observed in March was the smallest since November 2010," said Diane Ménard, Vice-President of the GMREB Board of Directors.

Market conditions have remained unchanged since 2013 for all three property categories, across the Montréal CMA. The market for single-family homes and plexes remained balanced in all of the main geographic areas except for Vaudreuil-Soulanges, where buyers continue to have the upper hand, while the condominium market in the Montréal CMA continues to favour buyers.

Average selling times increased by 7 days for single-family homes and 11 days for condominiums in March 2014 compared to March 2013. The average selling time for plexes decreased by 1 day.

Property Price Index for March 2014:

Montréal Metropolitan Area
March 2014
January 2005 = 100 Composite HPI Annual Change
Montréal Metropolitan Area 156.7 2.2 %
Island of Montréal 156.1 1.4 %
Laval 160.9 2.1 %
North Shore 155.3 2.7 %
South Shore 159.0 3.0 %
Vaudreuil-Soulanges 148.0 2.3 %

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About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with close to 10,000 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® is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker 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 14,000 real estate brokers.

For March 2014 statistics charts, click here.

For year-to-date statistics charts, click here.

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