Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

March 09, 2011 09:00 ET

Market Becoming More Balanced in Montreal Area

MLS® Residential Statistics for the Montreal Metropolitan Area

ÎLE-DES-SOEURS, QUEBEC--(Marketwire - March 9, 2011) - Although still favouring home sellers, market conditions eased as evidenced by the number of MLS® sales transactions in the Montréal Metropolitan Area in February 2011, according to the Greater Montréal Real Estate Board (GMREB). The market eased the most for single-family homes in Vaudreuil-Soulanges and on the North Shore, while condominiums moved more towards a balanced market on the North Shore and in Laval.

"As expected, market conditions continued to become more balanced in February. Even though sellers still have the upper hand, buyers have a bit more bargaining power, a trend we started seeing since April 2010," said Diane Ménard, Vice-President of the GMREB Board of Directors. "Market conditions favoured sellers the most on the Island of Montréal, in the case of both single-family homes and condominiums."

More moderate price increases in February 2011 is another sign that market conditions are easing. The median price for a single-family home increased by 4 per cent to $254,000 in the Montréal area compared to February 2010. The median price for plexes increased by 3 per cent, reaching $390,000. Only condominium prices registered sustained growth, posting an increase of 9 per cent to reach $214,500.

MLS®Residential Statistics
Montréal Metropolitan Area
February 2011 versus February 2010
 
  Variation  
Active listings 25,361 +13 %
New listings 7,477 -2 %
Total sales 4,104 -7 %
  Single-family 2,518 -7 %
  Condominiums 1,225 -7 %
  Plexes (2 to 5 dwellings) 359 -11 %
Volume of sales $1,203,089,346 -3 %
Median price      
  Single-family $254,000 +4 %
  Condominiums $214,500 +9 %
  Plexes (2 to 5 dwellings) $390,000 +3 %
Source: Greater Montréal Real Estate Board by Centris®  

In terms of sales, 4,104 residential transactions were registered in the Montréal area in February 2011, a 7 per cent decrease compared to February 2010. Plexes posted the most significant decrease, 11 per cent, while sales of single-family homes and condominiums declined by 7 per cent in February 2011.

Geographically, the Island of Montréal was the most active area in February 2011, with a slight decrease in sales of 3 per cent compared to the same month last year. Vaudreuil-Soulanges and the North Shore followed closely with respective sales decreases of 4 per cent and 6 per cent. Sales were down by 10 per cent in Laval and by 14 per cent on the South Shore.

As at February 28, 2011, the number of active listings on the MLS® system increased by 13 per cent in comparison with the same date last year.

"The increase in the number of homes for sale – which provides more choice for buyers – and the easing up of sales we've seen over the past 10 months lead us to believe that the market will continue moving towards becoming balanced in the next few months," said Diane Ménard.

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.

For February 2011 statistics charts, click here (http://communications.centris.ca/Tableaux/2011/Tableaux_Communiques_CIGM_2011M02_ENG.pdf).

For year-to-date statistics charts, click here (http://communications.centris.ca/Tableaux/2011/Tableaux_Communiques_CIGM_2011M02cum_ENG.pdf).

Important Note

The Greater Montréal Real Estate Board publishes its MLS® sales statistics by Montréal 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 Montréal Real Estate Board uses 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 and Industry Relations
    514-762-2440, extension 130
    chantal.derepentigny@gmreb.qc.ca