Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

April 02, 2009 08:30 ET

MLS® Residential Statistics for the Montreal Metropolitan Area

Market Activity Increases With Consumer Confidence

ILE-DES-SOEURS, QUEBEC--(Marketwire - April 2, 2009) - The drop in MLS® sales evidenced over the last few months in the Montreal Metropolitan Area relented in March, registering a 12 per cent decrease compared to the same month last year. Property prices continued to increase slightly, with the median price of a single-family home reaching $227,000, reported the Greater Montreal Real Estate Board.



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MLS® Residential Statistics
Montreal Metropolitan Area
March 2009 versus March 2008
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Variation
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Active listings 29,346 +14%
New listings 8,081 +7%
Total sales 4,404 -12%
Single-family 2,692 -11%
Condominiums 1,229 -15%
Plexes (2 to 5 dwellings) 448 -6%
Volume of sales $1,120,825,802 -10%
Median price
Single-family $227,000 +1%
Condominiums $184,500 +2%
Plexes (2 to 5 dwellings) $340,000 +3%
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Source: Greater Montreal Real Estate Board by Centris®


"Spring is the busiest time of the year for the resale market, and 2009 should be no exception," said Michel Beausejour, FCA, Chief Executive Officer of the GMREB. "Interest rates are at their lowest ever, and consumer confidence is up. In March, 39 per cent of consumers said that now is a good time to make a major purchase, such as a property, compared to 28 per cent last month," he added.

In terms of prices, the median price of a single-family home increased by 1 per cent in March 2009 compared to March 2008, to reach $227,000. The median price of condominiums grew by 2 per cent, while that of plexes increased by 3 per cent.

"This is good news for the Montreal real estate market," added Mr. Beausejour. "Not only has consumer confidence increased and the market become more active, but property prices are stable and are even increasing slightly."

Sales of single-family homes decreased by 11 per cent in March 2009 compared to the same month last year. Condominium sales decreased by 15 per cent and plex sales dropped by 6 per cent.

Geographically, sales on the Island of Montreal decreased by 11 per cent in March 2009 compared to the same month last year. Sales were down 14 per cent on the South Shore, 4 per cent in Laval, 11 per cent on the North Shore and 27 per cent in Vaudreuil-Soulanges.

On March 31, 2009, the number of active listings on the MLS® system increased by 14 per cent 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 close to 10,000 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 March 2009 statistics charts, click here (http://www.centris.ca/upl/MT/Tableaux_Communiques_CIGM_2009M3_ENG.pdf).

For year-to-date statistics charts, click here (http://www.centris.ca/upl/MT/Tableaux_Communiques_CIGM_2009M3cum_ENG.pdf).

Important Note

The Greater Montreal Real Estate Board publishes 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 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 Manager
    Communications, Industry Relations and Legal Affairs
    514-762-2440, extension 130
    chantal.derepentigny@gmreb.qc.ca