Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

September 10, 2008 09:24 ET

GMREB/MLS® Residential Statistics for the Montreal Metropolitan Area: The Montreal Real Estate Market Continues to Be a Good Investment

ILE-DES-SOEURS, QUEBEC--(Marketwire - Sept. 10, 2008) -

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.

Median prices of single-family homes in the Greater Montreal Metropolitan Area rose by 4% in August compared to the same month last year while total sales decreased by 6%, according to MLS® statistics of the Greater Montreal Real Estate Board (GMREB). Year-to-date, overall sales decreased by 4% in 2008.

"Greater Montreal's slow and steady increase in prices reassures buyers and sellers that the residential real estate market continues to be a good investment," said Michel Beausejour, FCA, GMREB's Chief Executive Officer. "Montreal's stable market continues to defy the trend elsewhere in Canada's major cities like Calgary, Vancouver and Toronto where sales have dropped significantly, even as high as 53% in the case of Vancouver. Even in Calgary, prices have started to decrease," he said.

In August 2008, the median price of a single-family home was $225,000, an increase of 4% compared to the same period last year. The median price of condominiums grew by 3%, while that of plexes increased by 5%.



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MLS® Residential Statistics
Montreal Metropolitan Area
August 2008 versus August 2007
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Variation
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Active listings 21,928 +11%
New listings 5,374 -2%
Total sales 2,685 -6%
Single-family 1,608 -7%
Condominiums 748 -4%
Plexes (2 to 5 dwellings) 292 -2%
Volume of sales $702,405,704 0%
Median price
Single-family $225,000 +4%
Condominiums $192,000 +3%
Plexes (2 to 5 dwellings) $327,000 +5%
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Source: Greater Montreal Real Estate Board by Centris™


"There are three main factors that influence the real estate market, that of interest rates, job creation and consumer confidence. Interest rates are low and for Montreal, consumer confidence is stable. For the most part, things are going well in Montreal, but job creation is down in the last 12 months," said Beausejour.

There were a total of 2,685 residential sales in the Montreal Metropolitan Area in August 2008. Single-family home sales decreased by 7%, condominiums by 4% and plexes by 2%.

When looked at from a regional perspective, Montreal's South Shore outperformed the rest with overall sales increasing by 3% in August this year compared to the same month last year and resulting mostly from a jump of 18% in condominium sales.

On August 31, 2008, the number of active listings increased by 11% in comparison with 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 August 2008 statistics charts, click the following address: http://media3.marketwire.com/docs/gmreb_1.pdf

For year-to-date statistics charts, click the following address: http://media3.marketwire.com/docs/gmreb_2.pdf

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