Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards
Greater Montreal Real Estate Board

Greater Montreal Real Estate Board

July 20, 2011 09:18 ET

Montreal Area Real Estate Market Slows in the Second Quarter

ÎLE-DES-SŒURS, QUÉBEC--(Marketwire - July 20, 2011) - There were 12,149 sales transactions in the Montréal Metropolitan Area in the second quarter of 2011, an 8 per cent decrease compared to the second quarter of 2010, according to the Greater Montréal Real Estate Board's (GMREB) provincial MLS® system.

"Sales in the Montréal area in the second quarter of 2011 were down for a fifth consecutive quarter," 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. "With this slowdown in sales, market conditions were close to balanced, although sellers still had the upper hand. However, buyers did gain negotiating power and benefited from an 18 per cent increase in available properties in the second quarter of 2011 compared to the same period last year," she added.

In terms of property categories, condominiums performed well with a slight 2 per cent decrease in sales compared to the second quarter of 2010. Sales of single-family homes in the Montréal area decreased by 9 per cent in the second quarter of the year, while that of plexes fell by 16 per cent.

Geographically, the Vaudreuil-Soulanges area and the North Shore posted the smallest decreases in sales in the second quarter of the year, with respective drops of 3 and 4 per cent. The Island of Montréal followed closely with a 6 per cent decrease in sales compared to the second quarter of 2010. Decreases were more pronounced on the South Shore and in Laval, where sales fell by 12 and 16 per cent, respectively.

As for prices, property prices continued to increase in the Montréal area in the second quarter, but at a more moderate pace. Prices of single-family homes and condominiums both increased by 5 per cent, bringing their median price to $269,000 and $221,000, respectively. The median price of plexes increased by 3 per cent to reach $395,000.

MLS® Sales Across the Province Decrease Slightly in the Second Quarter of 2011

There were 23,064 sales transactions across Québec from April to June 2011, a 5 per cent decrease compared to the number of sales in the second quarter of 2010.

"This was the fifth consecutive quarterly decrease in sales in Québec," said Claude Charron, President of the Board of Directors of the QFREB. "But despite the slowdown, the decrease in sales activity in the second quarter of 2011 was less pronounced than the decreases registered in the three previous quarters, which is encouraging for the coming months," he added.

In terms of property categories, condominiums fared best in the second quarter of the year, as sales remained stable compared to the same period in 2010. Sales of single-family homes decreased by 5 per cent, while plex sales fell by 14 per cent.

As for prices in Québec, growth continued in the second quarter of 2011, but at a moderate pace. The median price of single-family homes increased by 3 per cent to reach $220,000. The median price of both condominiums and plexes increased by 4 per cent, reaching $205,000 and $332,250, respectively.

"With 60,815 active listings in the second quarter, the supply of properties in Québec was up by 14 per cent compared to the second quarter of 2010. Buyers therefore had a large choice of properties on the market," added Mr. Charron.

More Information on centris.ca™

For more information, including quarterly statistics for the province of Québec, as well as its municipalities and regions, visit 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.

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