• Montréal’s Residential Real Estate Market Remains Strong

    L'Île-des-Sœurs, March 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, 4,081 residential sales were concluded in February 2018, a 5 per cent increase compared to February of last year. This was the 36th straight increase and the best month of February since 2012.

    Sales by geographic area
    • Five of the six main areas of the Montréal CMA registered an increase in sales in February, Laval being the sole exception with a 3 per cent decrease.
    • The area of Vaudreuil-Soulanges performed especially well with a 21 % jump in sales.
    • The areas of South Shore (+ 10 per cent), Saint-Jean-sur-Richelieu (+ 7 per cent) and the Island of Montréal (+5 per cent) posted significant increases, while the increase in the number of transactions was more modest on the North Shore (+ 2 per cent).
    Sales by property category
    • As was the case in 21 of the past 24 months, condominiums registered the largest increase in sales, jumping by 14 per cent in February.
    • Single-family homes and plexes (2 to 5 dwellings) posted small increases of 1 per cent and 3 per cent, respectively.

    Prices
    • The median price of single-family homes across the Montréal CMA stood at $310,000 in February, up 6 per cent compared to February 2017.
    • The median price of condominiums grew by 5 per cent, as half of all units sold for more than $250,000.
    • As for plexes, their median price reached $481,500, a 1 per cent increase compared to February of last year.

    “The acceleration in price growth is a direct result of increasingly tighter market conditions, which can be explained by a decline in the supply of properties for sale," said Mathieu Cousineau, President of the GMREB Board of Directors.

    Number of properties for sale

    In February, the number of active residential listings in the Centris® system (26,252) was down 17 per cent compared to last year.










  • 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.
    • Laval 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.








  • Montréal’s Residential Real Estate Market: Strong Increase in Sales and Prices in 2017

    L’Île-des-Sœurs, January 15, 2018 — The Greater Montréal Real Estate Board (GMREB) has released its 2017 residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® provincial database. In total, 44,448 sales were concluded in 2017, an 8 per cent increase compared to 2016. This was the third consecutive annual increase in sales.

    “The Montréal area real estate market in 2017 performed well beyond what we had anticipated, particularly in a context where mortgage rules were tightened in the fall of 2016,” said Mathieu Cousineau, President of the Board of Directors of the Greater Montréal Real Estate Board (GMREB) and spokesperson for the Québec Federation of Real Estate Boards in the Montréal area. “In fact, the increase in sales was so remarkable that the year 2017 had the second highest number of transactions ever in the Montréal area,” he added. The record of 45,220 sales was set in 2007.

    Here are the highlights of 2017:

    Sales
    • All property categories registered an increase in sales in 2017. Condominiums clearly stood out, as sales of this property category jumped by 17 per cent. Sales of plexes (2 to 5 dwellings) increased by 6 per cent and sales of single-family homes rose by 3 per cent.
    • All six* main areas of the Montréal CMA saw sales growth in 2017: Vaudreuil-Soulanges (+13 per cent), the Island of Montréal (+11 per cent), Saint-Jean-sur-Richelieu (+9 per cent), Laval (+6 per cent), the South Shore (+5 per cent) and the North Shore (+4 per cent).
    • 2017 was a good year for luxury properties, as sales of single-family homes at $1,000,000 or more increased by 20 per cent and sales of condominiums at $500,000 or more rose by 42 per cent.

    Median Prices
    • Price growth accelerated dramatically in 2017: the median price of single-family homes ($310,000) rose by 7 per cent, while from 2013 to 2016 the increase was only 2 per cent per year. This was the largest price increase in seven years.
    • As for condominiums, the median price grew by 3 per cent to reach $247,000. Again, this was a larger increase than that of 2016, when the median price of condos rose by only 1 per cent.
    • The median price of plexes stood at $476,000 in 2017, an increase of 4 per cent and the same growth level as in 2016.
    Active listings and market conditions
    • For a second consecutive year, the number of properties for sale fell in 2017: there were 27,635 active listings on the Centris® system, a sharp decrease of 13 per cent.
    • Generally speaking, at the end of 2017 it was clearly a seller’s market for single-family homes and plexes.
    • As for condominiums, the portrait was slightly different as, overall, market conditions were balanced. However, a growing number of central neighhbourhoods are now giving sellers the upper hand in negotiations.

    Province of Québec: Residential Sales Set a New Record in 2017

    The Québec Federation of Real Estate Boards (QFREB) has just released its results for the province’s 2017 residential real estate market, based on the real estate brokers’ Centris® provincial database. In total, 82,639 residential sales were concluded in 2017, a 6 per cent increase compared to 2016. This was the third consecutive annual increase in sales, as well as a new sales record as the 80,647 transactions that were registered in 2007 have now been surpassed.

    “What’s more, 2017 ended on a high note as 17,804 residential sales were concluded across Québec in the fourth quarter, an 8 per cent increase compared to the fourth quarter of 2016,” said Paul Cardinal, Manager of the QFREB’s Market Analysis Department. “This was the best fourth quarter result since 2009,” he added.

    Here are the highlights of 2017:

    Sales

    • Condominium sales across Québec stood out in 2017, as they jumped by 15 per cent. Sales of single-family homes and plexes posted more modest gains of 3 per cent and 4 per cent, respectively.
    • Among the metropolitan areas, Montréal and Gatineau stood out with respective sales increases of 8 per cent and 6 per cent. Sales grew by 2 per cent in the Québec City and Trois-Rivières metropolitan areas, but fell in Sherbrooke (-1 per cent) and Saguenay (-4 per cent).
    • In the smaller urban centres, the agglomerations of Mont-Tremblant (+23 per cent), Sept-Îles (+21 per cent), Rouyn-Noranda (20 per cent) and Sorel-Tracy (+19 per cent) posted the largest increases in sales.

    Median Prices

    • After four years of rather modest increases, median price growth was stronger in 2017 across the province. The median price of all three property categories – single-family homes, condominiums and plexes – increased by 3 per cent to reach $242,500, $230,000 and $380,000, respectively.
    • The median price of single-family homes in the agglomeration of Mont-Tremblant jumped by 14 per cent to reach $245,000. The areas of Granby, Joliette, Sainte-Adèle all registered a 7 per cent increase in the median price of single-family homes, reaching $214,950, $204,000, $310,000 and $222,500, respectively.
    • As for condominiums, the agglomeration of Mont-Tremblant took top spot once again with a 9 per cent increase in median price ($228,000). In contrast, the median price of condominiums decreased in the Québec City (-1 per cent) and Sherbrooke (-7 per cent) metropolitan areas.

    Number of properties for sale

    • From January to December 2017, there were, on average, 71,016 active listings on the Centris® system, a 9 per cent drop compared to 2016. This was the second annual decrease in the number of properties for sale.
    • Active listings fell in all areas of the province with the exception of Rimouski and Baie-Comeau (+14 per cent each).
    Finally, selling times across the province have shortened compared to one year ago: it took an average of 113 days (-6 days) for a single-family home to sell, 124 days (-11 days) for a condominium to sell and 102 days (-6 days) for a plex to sell.
  • Montréal’s Residential Real Estate Market Ends the Year on a High Note

    L'Île-des-Sœurs, January 8, 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, 2,781 residential sales were concluded in December 2017, a 10 per cent increase compared to December of last year. This was the most active month of December since 2009.

    Sales by geographic area
    • Four of the six* main areas of the Montréal CMA registered an increase in sales in December 2017 as compared to December 2016.
    • Laval, the Island of Montréal and the South Shore set the tone with strong sales increases of 20, 15 and 15 per cent, respectively.
    • The area of Saint-Jean-sur-Richelieu posted a more timid increase of 5 per cent.
    • Two areas – the North Shore (-4 per cent) and Vaudreuil-Soulanges (-10 per cent) – registered a decrease in sales in December.
    Sales by property category
    • Condominium sales were extremely robust in December, jumping by 35 per cent. In fact, the 978 condo transactions registered last month represent a new December sales record.
    • Sales of plexes (2 to 5 dwellings) increased by 5 per cent, while sales of single-family homes fell slightly by 1 per cent.


    Prices
    • The median price of single-family homes across the Montréal CMA stood at $305,000 in December, up 2 per cent compared to December of 2016.
    • The median price of plexes increased by 3 per cent, as half of all plexes sold for more than $484,000.
    • Condominiums stood out once again, as their median price jumped by 8 per cent in December, reaching $265,000.

    “The condominium segment just registered its largest monthly price increase in almost seven years,” said Mathieu Cousineau, President of the GMREB Board of Directors. “The number of months of inventory has been falling steadily for two years now, and this is increasingly reflected by an upward pressure on prices. Many areas are even in a seller’s market for condominiums,” added Mr. Cousineau.
    Number of properties for sale

    The supply of residential properties for sale fell for a 27th consecutive month. In December, there were 24,520 active residential listings in the Centris® system, a 9 per cent drop compared to one year earlier.










  • Fueled by Condominiums, Montréal’s Residential Real Estate Market Continues to Grow in November

    L'Île-des-Sœurs, December 7, 2017 - 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, 3,348 residential sales were concluded in November 2017, a 12 per cent increase compared to November of last year. This was the most active month of November in eight years.

    Sales by geographic area
    • Four of the five main areas of the Montréal CMA registered an increase in sales: the South Shore (+19 per cent), the Island of Montréal (+13 per cent), Vaudreuil-Soulanges (+13 per cent) and the North Shore (+11 per cent).
    • Sales were unchanged in Laval.
    Sales by property category
    • The vitality in the condominium segment continued into November as sales jumped by 23 per cent. In fact, the 1,137 condo transactions that were concluded represent a new November sales record. Sales were particularly strong in the suburbs, as condo sales rose by 33 per cent on the South Shore and by 53 per cent on the North Shore.
    • Sales of single-family homes increased by 8 per cent across the Montréal CMA, and this property category remained the most popular with 1,807 transactions in November.
    • Sales of plexes (2 to 5 dwellings) registered a 5 per cent increase, with 402 transactions.

    "The oversupply of condominiums that we saw two years ago has been completely absorbed," said Mathieu Cousineau, President of the GMREB Board of Directors. "We’re even seeing a seller’s market for condominiums in certain neighbourhoods on the Island of Montréal, including Plateau Mont-Royal, Rosemont and the South-West," added Mr. Cousineau.


    Prices
    • The median price of single-family homes across the Montréal CMA stood at $322,000 in November, up 5 per cent compared to November 2016, a similar increase to those registered in September and October.
    • Note that the median price of plexes jumped by 12 per cent compared to last year to reach $512,500.
    • As for condominiums, the median price stood at $254,510, which is a 3 per cent increase compared to last November.

    Number of properties for sale

    In November, the number of active listings (25,149) was down 13 per cent compared to November of last year.












  • Montréal’s Residential Real Estate Market: Growth Continues at a Good Pace in October

    L'Île-des-Sœurs, November 6, 2017 - 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, 3,270 residential sales were concluded in October 2017, a 7 per cent increase compared to October of last year. This was the most active month of October in eight years.

    Sales by geographic area
    • All five main areas of the Montréal CMA contributed to October’s increase in sales.
    • The Island of Montréal and Vaudreuil-Soulanges shared the lead, as sales in both these areas grew by 11 per cent compared to October of last year.
    • Laval, the North Shore and the South Shore also held their ground with respective sales increases of 5 per cent, 4 per cent and 2 per cent.
    Sales by property category
    • Condominiums set the tone once again, thanks to a 13 per cent sales increase across the CMA in October. This was the sixth consecutive month that condominium sales growth exceeded 10 per cent.
    • Sales of plexes (2 to 5 dwellings) also fared well, with a 9 per cent rise in transactions.
    • Finally, sales of single-family homes grew by 3 per cent.

    Prices
    • The median price of single-family homes across the Montréal CMA stood at $320,000 in October, up 5 per cent compared to October 2016.
    • The median price of plexes also rose by 5 per cent to reach $482,500.
    • As for condominiums, the median price stood at $255,000, a 4 per cent increase compared to October of last year.

    “The single-family home and plex markets are becoming increasingly favourable to sellers, as selling times for these property categories are falling,” said Mathieu Cousineau, President of the GMREB Board of Directors. “On average, the single-family homes that sold in October were on the market for 78 days, which is 13 fewer days than last October. It took an average of 81 days for a plex to find a buyer, 3 fewer days than October 2016. For condominiums, the average selling time was 103 days – a decrease of 17 days – and market conditions for this property category are now considered balanced,” added Mr. Cousineau.

    Number of properties for sale

    In October, the number of active listings (25,314) was down 12 per cent compared to October of last year.












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