Momentum Continues on Montréal’s Residential Real Estate Market

L’Île-des-Sœurs, July 6, 2017 – The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® provincial database. In total, 3,952 residential sales were concluded in June 2017, a 10 per cent increase compared to June of last year. The sales record for a month of June, which was set in 2009, was 4,163 transactions.

“The residential real estate market in the Montréal area is showing solid momentum, as we just registered the 25th increase in sales in the past 26 months,” said Mathieu Cousineau, President of the GMREB Board of Directors.

Sales by geographic area

  • For a second consecutive month, the area of Vaudreuil-Soulanges and the Island of Montréal clearly stood out with sales increases of 29 and 17 per cent in June.
  • Laval also registered a solid performance with a 13 per cent increase in sales compared to June of last year.
  • Sales on the South Shore also held their ground, rising by 6 per cent.
  • Only the North Shore posted a decrease in the number of residential sales, as transactions fell by 5 per cent compared to June 2016.

Sales by property category

  • For a second consecutive month, condominiums led the way, as sales of this property category jumped by 20 per cent across the Montréal CMA in June. In May, the increase was 23 per cent.
  • Plex sales were also very strong, increasing by 12 per cent.
  • Sales of single-family homes registered a more modest increase, at 4 per cent, but it remained the property category with the most transactions, as 2,248 sales were concluded in June.

Prices

  • Across the Montréal CMA, the median price of plexes reached $478,250 in June, a 4 per cent increase compared to June of last year.
  • As for condominiums, half of all transactions were concluded at a price higher than $257,500, meaning that the median price was 5 per cent higher than in June 2016.
  • Finally, the median price of single-family homes grew by 9 per cent to reach $328,000.

“Price increases have been accelerating in the Montréal area for a few months now. The growth in the median price of single-family homes has just reached its highest rate since December 2010,” added Mr. Cousineau.

Number of properties for sale

The number of residential properties listed on the real estate brokers’ Centris®system (25,763) decreased by 14 per cent compared to June of last year.

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 9,000 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®

Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker – close to 100,000 – under the same address. Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources exclusively to Québec’s 12 real estate boards and their 13,000 real estate brokers.

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