Best Month of October in Seven Years on Montréal’s Residential Real Estate Market
L'Île-des-Sœurs, November 4, 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, 3,083 residential sales were concluded in October 2016, an 8 per cent increase compared to October of last year. This was the 19th increase in sales in the past 20 months and the best sales result for a month of October since 2009. Sales by geographic area All five main areas of the Montréal CMA contributed to the sales increase in October.
Vaudreuil-Soulanges registered the largest increase in sales, as the number of transactions jumped by 45 per cent. The South Shore (+10 per cent), the Island of Montréal (+6 per cent), the North Shore (+6 per cent) and Laval (+6 per cent) also registered an increase in sales compared to October of last year. Sales by property category Sales of condominiums and plexes rose by 13 per cent and 12 per cent, respectively, while sales of single-family homes registered a more modest increase of 5 per cent.
Prices
The median price of single-family homes across the Montréal CMA posted a slight increase of 1 per cent compared to October 2015, to reach $302,500. Half of all condominiums sold for more than $245,000, which represents a 2 per cent increase in median price.
Finally, after registering a 7 per cent increase last month, the median price of plexes with 2 to 5 dwellings increased by only 1 per cent to reach $460,000. “October’s results are in line with the trend that has been observed since the start of the year,” said Daniel Dagenais, President of the GMREB Board of Directors. “It’s too early to see an impact resulting from the new mortgage rules that came into force in the middle of the month.
On the one hand, it’s important to know that the promise to purchase is normally accepted a few days prior to the sale being registered. On the other hand, the time between the announcement of the new rules (October 3) and their implementation (October 17) did not give buyers enough time to advance their purchase in order to avoid being subject to the new rules,” added Mr. Dagenais. Number of properties for sale With 28,736 listings on the real estate brokers’ Centris® system, the supply of properties for sale shrank for a thirteenth consecutive month.
This result represents a 13 per cent drop year over year and the largest decrease since the downward trend began last fall. 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 – nearly 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.
Source:
Manon Stébenne Manager, Communications and Public Relations
Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 157
manon.stebenne@gmreb.qc.ca
For further information:
Nathalie Rochette Assistant Manager,
Communications and Public Relations Greater Montréal
Real Estate Board
Tel.: 514-762-2440, ext. 238
nathalie.rochette@gmreb.qc.ca
