Prices Increase and Supply Decreases on the Montréal Area Condominium Market in May

L'Île-des-Sœurs, June 6, 2016 - 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, 4,416 residential sales were concluded in May 2016, a 2 per cent increase compared to May 2015 and the 15th consecutive monthly increase in sales. Sales by geographic area The South Shore registered the largest increase in sales (+9 per cent) in May.

More moderate increases were observed in Laval (+4 per cent) and on the North Shore (+1 per cent). Sales activity was unchanged (0 per cent) in the area of Vaudreuil-Soulanges. On the Island of Montréal, sales decreased for the first time in the past 16 months (-1 per cent). Statistics by property category Condominiums continued to post solid results as sales of this property category grew by 10 per cent across the CMA in May, thanks particularly to a 17 per cent increase on the South Shore. In contrast, sales of plexes (2 to 5 dwellings) fell by 13 per cent. Sales of single-family homes across the CMA increased slightly by 1 per cent.

Prices The median price of single-family homes throughout the Montréal CMA increased by 3 per cent compared to May of last year to reach $301,250. After two consecutive months of sustained increases, the median price of plexes ($454,350) remained unchanged in May compared to the same period last year. The median price of condominiums also remained unchanged (0%), as half of all condos sold for a price higher than $240,000. Number of properties for sale The number of active listings on the real estate brokers’ Centris®system continued its downward trend that began eight months ago.

In fact, the 10 per cent decrease registered in May was the largest in the past eight months. “With the third consecutive monthly decrease in the number of condos for sale, the drop in supply is now confirmed,” said Daniel Dagenais, President of the GMREB Board of Directors. “The supply of condos for sale now represents 13.6 months of sales, a sign that market conditions are tightening,” he added.

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 close to 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®

Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker – more than 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.

For further information:

Manon Stébenne Manager,

Communications and Public Relations Greater Montréal Real Estate Board

Tel.: 514-762-2440, ext. 157

manon.stebenne@gmreb.qc.ca