Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

May 05, 2009 08:30 ET

MLS® Residential Statistics for the Montreal Metropolitan Area

April: Resale Market's Best Month Since the Start of the Year

ILE-DES-SOEURS, QUEBEC--(Marketwire - May 5, 2009) -

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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.

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MLS® sales in the Montreal Metropolitan Area are picking up, with only a 6 per cent decrease in the number of transactions in April 2009 compared to April 2008, the month that broke all records, reported the Greater Montreal Real Estate Board. The median price of condominiums increased by 5 per cent, while single family-homes remained stable.

"It is a good time to buy a property today," said Michel Beausejour, FCA, Chief Executive Officer of the GMREB. "Mortgage rates are at their lowest level in more than half a century and the inventory of properties is growing, giving buyers more choice. Buyers are taking a bit more time to buy, as shown by the average sale time. While single-family homes stayed on the market for an average of 67 days in April 2008, in April 2009, the average was 80 days," he added.



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MLS® Residential Statistics
Montreal Metropolitan Area
April 2009 versus April 2008
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Variation
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Active listings 28,322 +11%
New listings 6,729 -10%
Total sales 4,829 -6%
Single-family 2,892 -3%
Condominiums 1,405 -7%
Plexes (2 to 5 dwellings) 500 -11%
Volume of sales $1,261,294,435 -4%
Median price
Single-family $230,500 0%
Condominiums $191,800 +5%
Plexes (2 to 5 dwellings) $345,000 +1%
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Source: Greater Montreal Real Estate Board by Centris®


In terms of prices, condominiums led the way with a 5 per cent increase in the median price in April 2009 compared to the same month last year, to reach $191,800. The median price of plexes increased by 1 per cent, while that of single-family homes remained stable at $230,500.

"It is also a good time to sell today," said Mr. Beausejour. "The market is becoming increasingly active and property prices are stable or increasing, depending on the property type. The price increase for condominiums can be explained by the increase in median price on the Island of Montreal (+7 per cent), which is responsible for 60 per cent of the region's condominium sales," he added.

Sales of single-family homes decreased slightly by 3 per cent in April 2009 compared to April 2008, while condominium and plex sales decreased by 7 and 11 per cent, respectively.

Geographically, the South Shore had the smallest decrease in sales, with a drop of only 1 per cent. Sales on the North Shore decreased by 3 per cent, while the regions of Laval, Vaudreuil-Soulanges and the Island of Montreal registered decreases of 7, 9 and 10 per cent, respectively.

As at April 30, 2009, the number of active listings on the MLS® system increased by 11 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 April 2009 statistics charts, click here (http://www.centris.ca/upl/MT/Tableaux%20Communiqués%20CIGM%202009M4_ENG.pdf).
For year-to-date statistics charts, click here (http://www.centris.ca/upl/MT/Tableaux%20Communiqués%20CIGM%202009M4cum_ENG.pdf).

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