Montréal’s Residential Real Estate Market Off to a Flying Start in January
L'Île-des-Sœurs, February 6, 2018 - 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, 2,598 residential sales were concluded in January 2018, a 13 per cent increase compared to January of last year. This was the best January sales result in eight years. Sales by geographic area All six main areas of the Montréal CMA registered an increase in sales in January. The areas of Saint-Jean-sur-Richelieu (80 sales) and the South Shore (628 sales) led the way with respective sales increases of 31 and 22 per cent.
and the Island of Montréal went head-to-head, as both of these areas registered an 11 per cent rise in sales. Finally, on the North Shore and in Vaudreuil-Soulanges sales were up by 9 per cent and 7 per cent, respectively.
Sales by property category: For a fourth consecutive quarter, condominiums registered the largest increase in sales, this time jumping by 19 per cent. Plexes (2 to 5 dwellings) and single-family homes weren’t far behind, with respective increases of 15 and 10 per cent.
Prices The median price of single-family homes across the Montréal CMA stood at $307,250 in January, up 6 per cent compared to January 2017. The median price of condominiums grew by 3 per cent, as half of all units sold for more than $244,750. Plexes stood out, as their median price reached $495,000, an 8 per cent increase compared to January of last year.
Number of properties for sale In January, the number of active listings (25,268) was down 14 per cent compared to January of last year. “There are fewer and fewer properties for sale in the Montréal area and demand remains strong. As a result, the resale market is, generally speaking, more advantageous for sellers,” said Mathieu Cousineau, President of the GMREB Board of Directors.
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 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 under the same address. Société Centris® provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris® also manages the collaboration system used by more than 13,000 real estate brokers in Québec.
For further information:
Nathalie Rochette Assistant Manager,
Communications and Public Relations Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 1238
nathalie.rochette@cigm.qc.ca
