Montréal's Residential Real Estate Market Continued to Perform Well in October
L'Île-des-Sœurs, November 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, 3,731 residential sales were concluded in October 2018, an 11 per cent jump compared to the same month last year. This figure also represents a new sales record for a month of October and the 44th consecutive increase in transactions.
Sales by geographic area All six main areas of the Montréal CMA registered strong sales increases in October. Laval (+17 per cent), Saint-Jean-sur-Richelieu (+16 per cent), the North Shore (+14 per cent) and the South Shore (+12 per cent) posted the largest increases, but the Island of Montréal and Vaudreuil-Soulanges followed close behind (+8 per cent in both cases).
Sales by property category As has been the case for several months now, the condominium segment was the most active in October with a 22 per cent jump in sales (1,361 transactions). Sales were also up for single-family homes (1,971 transactions, +6 per cent) and plexes with two to five dwellings (395 transactions, +5 per cent). "The condominium segment is booming. Thanks to strong sales and a sharp decrease in listings, the number of months of inventory has dropped significantly over the past year, falling from 10.2 months to 7 months," said Nathalie Bégin, President of the GMREB Board of Directors. "This segment has moved from a buyer's market to a seller's market in just one year," she added.
Prices The median price of single-family homes and condominiums increased across the Montréal CMA, albeit more moderately than in October of last year (+4 per cent each), to reach $329,250 and $265,000 respectively. The median price of plexes jumped by 11 per cent to reach $525,000. Number of properties for sale In October, there were 21,515 active residential listings in the real estate brokers' Centris system, a 17 per cent drop compared to one year earlier.
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:
Taïssa Hrycay Director, Communications and Public Relations Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 1257 taissa.hrycay@cigm.qc.ca
Nathalie Rochette Assistant Manager, Communications and Public Relations Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 238 nathalie.rochette@cigm.qc.ca
