Condominiums Were Big Winners Again in August 2011

Île-des-Sœurs, August 10, 2011 – MLS®sales in the Montréal Metropolitan Area increased by 5 per cent in August 2011 compared to August 2010, according to the Greater Montréal Real Estate Board (GMREB). This third consecutive increase in sales in the Montréal area was primarily due to the vitality of condominium sales, which increased by 9 per cent in August.

“Condominium sales increased in all areas of Greater Montréal,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “The undeniable popularity of condominiums continues to grow, as evidenced by the results of the past four months,” she added.

Condominium sales increased in all geographic areas, but Laval took the lead with a 33 per cent increase compared to August of 2010. Single-family homes also performed well in Greater Montréal, as sales grew by 4 per cent, while plex sales decreased slightly by 1 per cent compared to August of last year.

In terms of prices, the median price of condominiums reached $228,761 in the Montréal Metropolitan Area, a 6 per cent increase compared to last August. The median price of single-family homes also grew by 6 per cent to reach $270,000, while that of plexes increased by 3 per cent to reach $405,000.

The number of active listings in the Montréal Metropolitan Area increased by 17 per cent compared to August 2010. This increase is slightly smaller than those registered in July, June and May 2011. For a fifth consecutive month, the South Shore stood out for posting the largest increase in number of active listings, but increases were posted in all other geographic areas. In terms of property categories, plex (+ 22 per cent) and condominium (+ 23 per cent) listings had the largest jumps in August.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization that brings together most of the real estate brokers who work in the Greater Montréal area. With close to 11,000 members, it is the second largest board in Canada. Its mission is to actively promote and protect its members\' professional and business interests in order for them to successfully meet their business objectives and maintain their predominance in the real estate industry.

For further information:
Chantal de Repentigny
Assistant Director
Communications and Industry Relations
Phone: 514-762-2440, extension 130
chantal.derepentigny@gmreb.qc.ca