Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

April 19, 2011 08:30 ET

MLS® Sales in Montreal Got a Slower Start to the Year Compared to 2010

ILE-DES-SOEURS, QUEBEC--(Marketwire - April 19, 2011) - There were 11,732 residential sales transactions in the Montréal Metropolitan Area in the first quarter of 2011, an 11 per cent decrease compared to the first quarter of 2010, according to the Greater Montréal Real Estate Board's (GMREB) provincial MLS® system.

"We must put this first-quarter sales decrease into perspective, as the first three months of 2010 were exceptionally active," said Diane Ménard, Vice-President of the GMREB Board of Directors and spokesperson for the Québec Federation of Real Estate Boards (QFREB) for the Montréal area. "The number of sales in the first quarter of 2011 falls within the average of the past few years. On average, over the past five years, 11,690 properties were sold in the Montréal area in the first quarter. In 2011, there were 11,732 properties sold, which is a very good result," she added.

In terms of property categories, condominiums stood out in the first quarter of 2011 with a slight decrease in sales of 5 per cent compared to the record set in the first quarter of 2010. Sales of single-family homes decreased by 12 per cent, while plex sales fell by 17 per cent.

Geographically, the South Shore was responsible for pulling Montréal area sales downward, with a 19 per cent decrease in sales compared to the first three months of 2010. At the opposite end of the spectrum, Vaudreuil-Soulanges posted the best results compared to the first quarter of last year, with a 5 per cent decrease in sales. The Island of Montréal followed closely with a 6 per cent decrease in sales. Finally, sales in Laval and on the North Shore decreased by 10 and 11 per cent, respectively.

As for prices, property prices continued to increase in the Montréal area in the first quarter of the year, despite the slowdown in sales. The median price of single-family homes reached $255,500, a 5 per cent increase compared to the first quarter of 2010. The median price of condominiums increased by 6 per cent to reach $212,000, while that of plexes increased by 8 per cent to reach $399,000.

MLS®Sales in the Province of Québec: First Quarter Sales Fall Within the Average of the Past Five Years

Sales in the province of Québec decreased by 11 per cent in the first quarter of 2011 compared to the first quarter of 2010.

"It's important to remember that the real estate market was quite dynamic in the first three months of 2010," said Claude Charron, President of the Board of Directors of the QFREB. "After a very active start to the year in 2010, the province's real estate market returned to a more normal level in 2011 with sales levels that were similar to those registered in previous years. There were 21,227 sales transactions in the province in the first quarter of 2011. This is slightly higher than the average of the past five years, which is 21,172 sales," he added.

In the first quarter of 2011, the popularity of the condominium held strong. Despite a 7 per cent decrease in sales, condominiums registered their second best performance for a first quarter. Only last year's condominium sales were higher than those of this year. Sales of single-family homes in Québec decreased by 11 in the first three months of 2011 compared to the same period in 2010, while plex sales fell by 16 per cent.

In terms of prices, the median price of single-family homes in Québec was $217,650, a 5 per cent increase compared to the first quarter of 2010. The median price of condominiums also posted a 5 per cent increase to reach $199,000. The increase in the median price of plexes was slightly higher at 6 per cent, reaching $330,000.

"As we anticipated, the decrease in sales that the province has experienced in the past four quarters has slowed property price increases, which were more moderate at the start of the year," said Claude Charron.

More Information on www.centris.ca®

For more information, including quarterly statistics for the province of Québec, as well as its municipalities and regions, visit www.centris.ca®, Québec's real estate industry website.

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.

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards as associate members and the 15,000 real estate brokers who are affiliated members. Its mission is to promote and protect the interests of Québec's real estate industry so that the boards and their members can successfully meet their business objectives.

For more information on MLS® statistics for each of the province's regions, don't miss the upcoming publication of the MLS® Barometer.

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