Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

March 11, 2008 11:22 ET

GMREB: Residential Resales Pick Up in February Thanks to the Condominium

MLS® Residential Statistics for the Montreal Metropolitan Area

ILE-DES-SOEURS, QUEBEC--(Marketwire - March 11, 2008) - The Greater Montreal Real Estate Board (GMREB) indicated that property sales for all categories recorded a 3% increase in February 2008, according to MLS® system data, compared to the same period in 2007. Condominiums set the tone with an 18% increase in transactions.

"After being put to the test in January, the confidence of consumers in Quebec in February reached a level almost equivalent to the one recorded in 2007. The short term decrease of interest rates definitely encouraged this renewal of confidence and is excellent news for the real estate market," says Michel Beausejour, FCA, Chief Executive Officer of the GMREB.

For the Montreal Metropolitan Region, 4,500 transactions were registered in the GMREB's MLS® system for February 2008, a 3% increase when compared to the 4,379 sales in February 2007. Sales of single-family homes showed a slight decrease (-2%), and so did plexes (-6%).

On the geographic level, the Island of Montreal registered the best performance with a 9% rise of transactions in February. The South Shore and Vaudreuil-Soulanges followed close behind with respective increases of 5% and 4%. However, in the northern suburbs, the resale market was less active than last year with a 4% decrease in Laval and 6% on the North Shore.

On February 29, 2008, the number of active listings was declining by 3% when compared to the same date in 2007, with 25,177 properties for sale in the MLS® system.



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MLS® Residential Statistics
Montreal Metropolitan Area
February 2008
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Variation
Active Listings 25,177 -3%
New listings 7,913 +6%
Total Sales 4,500 +3%
Single-family 2,783 -2%
Condominiums 1,269 +18%
Plexes (2 to 5 dwellings) 409 -6%
Volume of sales $1,102,172,663 +8%
Median price
Single-family $220,000 +8%
Condominiums $177,000 +4%
Plexes (2 to 5 dwellings) $330,000 +6%
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Source: Greater Montreal Real Estate Board by Centris™


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 9,000 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.

For all statistics charts:

http://www.cigm.qc.ca/Edgar3/MessageGeneral/TableauxCommuniquesCIGM2008M1_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