Greater Montreal Real Estate Board

Greater Montreal Real Estate Board
Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

January 18, 2011 09:00 ET

Condominiums: Strong Favourite in the Montreal Area in 2010

ÎLE-DES-SOEURS, QUÉBEC--(Marketwire - Jan. 18, 2011) - A record number of condominiums were sold in the Montréal Metropolitan Area in 2010, according to the Greater Montréal Real Estate Board's (GMREB) provincial MLS® system. The 12,668 condominium sales transactions represent a 7 per cent increase compared to the previous record set in 2009. Total residential sales in the Montréal area increased by 1 per cent in 2010 compared to 2009, making 2010 the second best year on record in sales.

"The popularity of condominiums helped the Montréal area real estate market finish the year 2010 in positive territory," said Diane Ménard, Vice-President of the Board of Directors of the GMREB and spokesperson for the Québec Federation of Real Estate Boards (QFREB) for the Montréal area. "The popularity of condominiums may be explained by their affordability and the fact that low mortgage rates prompted many renters to become homeowners, and first-time homeowners often turn to condominiums for their first purchase," she added.

Single-family homes and plexes were less popular in 2010 than they were in 2009, as both property categories posted a slight decrease in sales of 1 per cent.

Geographically, condominiums performed well in each area of the Montréal region in 2010 compared to 2009. Condominium sales were particularly strong in the Vaudreuil-Soulanges area (+28 per cent) in 2010. The condominium market was also active in Laval (+15 per cent), on the North Shore (+10 per cent) and on the Island of Montréal (+7 per cent). The increase in condominium sales was more moderate on the South Shore, with a 1 per cent increase in 2010 compared to 2009.

In terms of prices, the median price of condominiums increased by 8 per cent in the Montréal area in 2010 to reach $210,000. The median price of plexes and single-family homes also increased, posting respective increases of 9 per cent to reach $380,000 and 7 per cent to reach $252,000.

MLS® Sales in the Province of Québec: 2010 was the Second Best Year on Record

There were 80,126 sales transactions in the province of Québec in 2010, a slight increase of 1 per cent compared to 2009. This makes 2010 the second most active year in QFREB history.

"There were two phases in 2010. The year started with strong sales increases from January to April and was followed by moderate but consecutive decreases in the last eight months of the year," said Claude Charron, President of the Board of Directors of the QFREB. "The sustained activity at the start of the year was enough to compensate for the slowdown that took place later on, making 2010 the second best year in QFREB history in terms of sales. Only 2007 was more active with 80,647 transactions," he added. 

The popularity of condominiums contributed significantly to the market's strong performance in 2010. The 16,513 condominiums sold across the province set a new record, surpassing the 2009 peak by 6 per cent. Furthermore, condominiums were the best-selling property category in each of the province's metropolitan areas with the exception of Trois-Rivières, where the condominium market is still quite small. Province-wide sales for single-family homes remained stable in 2010 compared to 2009, while plex sales decreased by 2 per cent.

Sustained price increases were also on the agenda in the province of Québec in 2010. Half of all single-family homes sold in 2010 were sold at a price higher than $209,500, a 7 per cent increase compared to 2009. The median price of condominiums increased by 8 per cent to reach $195,000, while that of plexes increased by 10 per cent to reach $315,000.

"The number of active listings decreased by 4 per cent in 2010 compared to 2009, the first time this has happened since 2004," said Claude Charron. "This decrease in the supply of properties largely explains the sustained price increases despite the market's slowdown at the end of the year. However, in the last months of the year, the supply of properties began to pick up. This increase in inventory is expected to slow price increases and is good news for buyers, who now have more choice," he added.

More Information on centris.ca™

For more information, including quarterly statistics for the province of Québec, as well as its municipalities and regions, visit centris.ca™, Québec's real estate industry website.

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 who work in the Greater Montréal area. With close to 11,000 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 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 15,000 real estate 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 more information on MLS® statistics for each of the province's regions, don't miss the upcoming publication of the MLS® Barometer.

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