Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

October 14, 2014 10:49 ET

Slight Recovery for Montreal Metropolitan Area's Residential Real Estate Market

ÎLE-DES-SOEURS, QUÉBEC--(Marketwired - Oct. 14, 2014) - The Greater Montréal Real Estate Board (GMREB) has released its most recent residential sales statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 7,366 residential sales were concluded in the third quarter of 2014, a 1 per cent increase compared to the third quarter of last year. This rise in sales put an end to three consecutive quarterly decreases and represents only the second quarterly increase in sales in the past nine quarters.

Click here to see the main residential statistics for the Montréal Metropolitan Area.

By property category, condominiums registered the largest increase in sales compared to the third quarter of last year, at 2 per cent (2,361 transactions). Sales of single-family homes increased slightly by 1 per cent (4,271 transactions), while plex sales fell by 3 per cent (727 transactions).

Geographically, the Island of Montréal (3,029 transactions) and Vaudreuil-Soulanges (385 transactions) posted sales increases of 4 per cent and 2 per cent, respectively, while sales in Laval (757 transactions) remained stable compared to the third quarter of last year. In contrast, the South Shore (1,603 transactions) and the North Shore (1,592 transactions) each registered a decrease in sales of 1 per cent.

For the CMA as a whole, the median price of single-family homes ($285,000) and condominiums ($234,000) registered moderate increases of 1 per cent and 2 per cent respectively, while that of plexes ($440,000) performed even better, rising by 4 per cent.

Finally, the number of properties listed on the Centris® system continued to increase for a sixteenth consecutive quarter, as the number of active listings grew by 11 per cent compared to the third quarter of 2013. "Condominium listings (+7 per cent) registered the smallest increase among the three property categories, and their smallest increase since the fourth quarter of 2010," 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.

First Quarterly Increase in Sales in More Than Two Years on Québec's Residential Real Estate Market

The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential sales statistics for the province of Québec, based on the real estate brokers' Centris® provincial database. In total, 15,699 residential sales were concluded in the third quarter of 2014, a 3 per cent increase compared to the third quarter of 2013. This increase was mainly due to a particularly active month of September, when sales rose by 10 per cent across the province.

"This was the first quarterly increase in sales in Québec since the second quarter of 2012, when the most recent tightening of mortgage insurance rules came into force," said Paul Cardinal, Manager of the QFREB's Market Analysis Department.

Sales of all three property categories increased in the third quarter of 2014 compared to the same quarter in 2013. Single-family homes (11,169 transactions) led the way with a 4 per cent increase, plexes (1,292 transactions) followed with a 3 per cent increase, and condominiums (3,139 transactions) finished with a 1 per cent increase.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 9,300 members: real estate brokers. 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.ca

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. Visit Centris.ca to obtain more information and quarterly statistics for the province of Québec.

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 more than 13,000 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 about the Centris® statistics for each of the province's regions, don't miss the upcoming publication of the QFREB Barometer.

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