Sales Increase in the Montreal Area: Suburbs Set the Pace

Sales Increase in the Montreal Area: Suburbs Set the Pace

 

ÎLE-DES-SOEURS, QUEBEC–(Marketwire – July 16, 2012) – According to the Québec real estate brokers’ provincial database, there were 13,350 residential sales transactions in the Montréal Metropolitan Area in the second quarter of 2012, indicated the Greater Montréal Real Estate Board. This represents a 10 per cent increase compared to the  second quarter of 2011.

“The residential real estate market was very active in the  Montréal area, particularly in the suburbs, from April to June,” 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 North Shore and Vaudreuil-Soulanges areas  actually set new sales records in the second quarter of the year with  3,006 and 700 transactions, respectively, while sales in Laval and on  the South Shore registered larger sales increases compared to the second quarter of 2011 with jumps of 17 and 16 per cent, respectively,” she  added.

The Island of Montréal posted a more moderate increase in  residential sales at 5 per cent, with a total of 5,143 transactions in  the second quarter of the year.

By property category, single-family home sales came in well  ahead in the Montréal Metropolitan Area with a 13 per cent increase in  transactions compared to the second quarter of 2011 (7,931  transactions). Condominium sales also performed well with an 8 per cent  increase (4,126 transactions), surpassing the threshold of 4,000 sales  for the first time. Finally, the 1,281 plex sales concluded in the  second quarter of 2012 represent a 5 per cent increase compared to the  second quarter of 2011.

In terms of prices, plexes boasted the largest increase in  median price at 5 per cent to reach $415,000. The median price of  condominiums grew by 3 per cent to reach $226,100 while that of  single-family homes increased by 2 per cent to reach $275,000.

The number of properties for sale by a real estate broker in  the Montréal area increased for a seventh consecutive quarter. There  were an average of 27,504 active listings in the second quarter of 2012, an increase of 9 per cent compared to the same period last year.

Residential Real Estate Sales Across Québec Increase Significantly in Second Quarter of 2012

According to the Québec real estate brokers’ provincial  database, there were 24,988 residential sales transactions in the  province of Québec (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=3) in the second quarter of 2012, indicated the Québec Federation of Real  Estate Boards (QFREB). This represents a 9 per cent increase compared to the second quarter of 2011 and the largest increase in sales since the  first quarter of 2010.

“Québec’s residential real estate market was once again  supported by low interest rates,” said Paul Cardinal, Manager, Market  Analysis, at the QFREB. “Moreover, after the disappointing end to 2011,  the province’s job market has improved since the start of 2012 and  Québec consumers are a little more confident. These two factors also  contributed to the solid performance of residential sales in the second  quarter of 2012,” he added.

Sales increased for all three property categories in Québec  in the second quarter of 2012. The largest increase was for  single-family homes, as sales of this property category grew by 10 per  cent with 17,504 sales. Condominium sales grew by 7 per cent and even  set a new record with 5,282 transactions. Finally, 2,061 plexes were  sold between April and June, a 5 per cent increase compared to the same  period last year.

The number of active listings by Québec real estate brokers  has grown every quarter since mid-2010. This trend continued in the  second quarter of 2012, but at a more moderate pace; the supply of  properties was up by 9 per cent over the second quarter of 2011,  compared to an increase of 13 per cent in the previous quarter. As for  price growth, prices across the province increased slightly in the  second quarter of the year. The median price of single-family homes and  plexes increased by 4 per cent compared to the same period last year,  while that of condominiums grew by 3 per cent.

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