Record-Setting Sales in August on Montréal's Residential Real Estate Market
L'Île-des-Sœurs, September 7, 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, 3,224 residential sales were concluded in August 2018, which represents an 8 per cent increase compared to August of last year and a new sales record for a month of August. Furthermore, this was the 42nd consecutive month in which residential sales increased in the Montréal area.
Sales by geographic area Geographically, five of the six main areas of the Montréal CMA registered an increase in sales in August; the only exception was the North Shore, where sales were unchanged compared to August of last year. The areas of Saint-Jean-sur-Richelieu, the South Shore and Vaudreuil-Soulanges registered the largest increases in sales, at 15 per cent, 14 per cent and 13 per cent, respectively. Laval also registered an impressive 12 per cent jump in sales compared to August of last year. Sales on the Island of Montréal rebounded after three consecutive monthly decreases, as the number of transactions rose by 9 per cent in August.
Sales by property category Across the Montréal CMA, the property category that registered the largest increase in sales in August was that of plexes, as transactions rose by 14 per cent. Sales of condominiums also turned in a solid performance, rising by 12 per cent compared to August of last year. Sales of single-family homes also stood their ground, increasing by 5 per cent in August. This put an end to a series of three consecutive drops in single-family home sales in the Montréal CMA. Prices The median price of single-family homes across the Montréal CMA stood at $333,000 in August, a 5 per cent increase compared to one year earlier. The median price of condominiums rose by 4 per cent to reach $260,000, while that of plexes jumped by 10 per cent to reach $515,000. Number of properties for sale In August, there were 20,940 active residential listings in the Centris system, a 16 per cent drop compared to one year earlier. "With a high demand and low supply of properties for sale in the Montréal area for several months now, market conditions for resales are becoming tighter and are giving sellers the upper hand, and this applies to all property categories," 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. 238 nathalie.rochette@cigm.qc.ca
