Greater Montreal Real Estate Board



Greater Montreal Real Estate Board

February 08, 2013 08:30 ET

Price Growth Slows on Residential Real Estate Market

Centris® Residential Sales Statistics for the Montreal Metropolitan Area

ILE-DES-SOEURS, QUEBEC--(Marketwire - Feb. 8, 2013) - According to the real estate brokers' (www.centris.ca/en/) Centris® provincial database, price growth in the Montréal Census Metropolitan Area (CMA) slowed for all property categories in January 2013 compared to January 2012, said the Greater Montréal Real Estate Board (GMREB). As for sales, there were 2,101 transactions concluded in the Montréal CMA, a 14 per cent decrease compared to January 2012.

"The median price of single-family homes increased by 2 per cent in January 2013 compared to January of last year, while that of condominiums remained unchanged," said Diane Ménard, Vice-President of the GMREB Board of Directors. "The median price of condominiums had increased virtually every month since August 2009," she added.

Centris® Residential Statistics
Montréal Metropolitan Area
January 2013 versus January 2012
Variation
Active listings 28,824 9%
New listings 7,859 2%
Total sales 2,101 -14%
Single-family 1,216 -14%
Condominiums 681 -14%
Plexes (2 to 5 dwellings) 203 -16%
Volume of sales $642,535,211 -13%
Median price
Single-family $268,000 2%
Condominiums $220,000 0%
Plexes (2 to 5 dwellings) $405,000 1%
Source: Greater Montréal Real Estate Board by Centris®

Sales decreased for all three property categories in January 2013 compared to the same month last year. Plex sales fell by 16 per cent, while both single-family homes and condominiums registered a 14 per cent sales decrease.

The drop in sales in January 2013 was felt in all main areas of the Montréal CMA. Compared to January 2012, sales fell by 10 per cent in Laval, 11 per cent on the South Shore, 13 per cent on the North Shore and 16 per cent on the Island of Montréal. The Vaudreuil-Soulanges area registered the largest decrease at 31 per cent.

As for the median price of single-family homes in the main areas of the Montréal CMA, Vaudreuil-Soulanges and Montréal stood out with respective increases of 14 per cent ($280,000) and 11 per cent ($370,000). The median price of single-family homes rose by 3 per cent on the South Shore ($261,450), but fell by 3 per cent on the North Shore ($225,000) and by 1 per cent in Laval ($275,000).

"This moderation in price growth is consistent with our forecast for 2013," said Paul Cardinal, Market Analysis Manager at the Québec Federation of Real Estate Boards. "The single-family home market is becoming balanced and the condominium market is leaning towards a buyer's market," he added.

As at January 31, 2013, the number of active listings in the real estate brokers' (www.centris.ca/en/) provincial database increased by 9 per cent in comparison with the same date last year.

MLS® Home Price Index for January 2013:

Montréal Metropolitan Area
January 2013
January 2005 = 100 Composite HPI Annual Change
Montréal Metropolitan Area 151.1 2.6%
Island of Montréal 153.6 3.1%
Laval 153.2 2.1%
North Shore 147.1 2.0%
South Shore 151.1 2.2%
Vaudreuil-Soulanges 144.7 3.5%

For more information, please visit www.homepriceindex.ca.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 10,000 members: real estate brokers. It is the second largest board in Canada and its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.

About Centris®

Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources to Québec's 12 real estate boards and their 14,000 real estate brokers. www.Centris.ca® is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address.

For January 2013 statistics charts, click here (http://communications.centris.ca/Tableaux/2013/Tableaux_Communiques_CIGM_2013M01_ENG.pdf)

Contact Information

  • Chantal de Repentigny
    Assistant Director, Media Relations and Special Projects
    Communications and Industry Relations
    514-762-2440, ext. 130
    chantal.derepentigny@gmreb.qc.ca