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Montreal real estate news
MLS® Residential Statistics for the Montreal Metropolitan Area
Montreal Resale Market Performed Well in 2008
Source: http://www.cigm.qc.ca/en/nouvelles_comm.aspx?id=600
ILE-DES-SOEURS, QUEBEC--(Marketwire - Jan. 13, 2009) - The Greater
Montreal Real Estate Board (GMREB) reported that the median price of
single-family homes in the Montreal Metropolitan Area increased by 6
per cent in 2008 compared to 2007 while, overall, residential sales
slowed by 7 per cent.
"The Montreal real estate market fared well in 2008 with almost 41,000
sales transactions, 7 per cent less than the previous year, which was
the year that broke all records," said Michel Beausejour, FCA, Chief
Executive Officer of the GMREB. "In addition, prices continued to
increase in 2008, which bodes well for homeowners and anyone who has a
vested interest in Montreal real estate. You just have to look at
what's happening elsewhere like Calgary, Vancouver or Toronto, which
have seen prices and sales drop dramatically over the last year, to
appreciate the strength of the Montreal market," he said.
All real estate property types registered price increases in 2008. The
median price of a single-family home grew by 6 per cent compared to
2007, to reach $227,000. The median price of plexes also grew by 6 per
cent, while that of condominiums increased by 3 per cent.
In terms of sales, condominiums were the big winners in 2008 with sales virtually matching those in the record-breaking year of 2007. Sales of single-family homes dropped by 10 per cent and sales of plexes fell by 9 per cent compared to 2007.
MLS® Residential Statistics
Montreal Metropolitan Area
January to December 2008 versus January to
December 2007
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Variation
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Active listings (overall average) 23,987 +7%
New listings 76,491 +5%
Total sales 40,916 -7%
Single-family 24,295 -10%
Condominiums 11,561 0%
Plexes (2 to 5 dwellings) 4,584 -9%
Volume of sales $10,558,025,196 -4%
Median price
Single-family $227,000 +6%
Condominiums $185,000 +3%
Plexes (2 to 5 dwellings) $335,000 +6%
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Source: Greater Montreal Real Estate Board by CentrisTM
The number of transactions on the South Shore and in Laval was down 5 per cent and 6 per cent, respectively, compared to last year.
Sales on the Island of Montreal were down 8 per cent, and sales were down 9 per cent on the North Shore and in Vaudreuil-Soulanges.
The average number of active listings on the MLS® system in 2008 was 7 per cent higher than last year, giving a bit more choice to potential buyers.
Prices Up, Sales Down in December 2008
Sales in the Montreal Metropolitan Area were down 29 per cent in December 2008 compared to December 2007.
Single-family and plex prices continued to grow, increasing by 3 per cent in December 2008 compared to the same period last year, while that of condominiums dropped by 2 per cent.
"Consumer confidence, a key factor in the vibrancy of the real estate market, has obviously been affected recently as a result of the constant bombarding of unsettling news about the world economy. However, Montrealers should be heartened by the overall results for 2008, which was the second most significant year overall for the Montreal real estate market in terms of sales," said Beausejour. "As well, it's interesting to note the results of our annual buyers' and sellers' survey which show that roughly the same number of people intend on buying this year as last year," he said.
MLS® Residential Statistics
Montreal Metropolitan Area
December 2008 versus December 2007
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Variation
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Active listings 23,198 +17%
New listings 3,569 +12%
Total sales 1,710 -29%
Single-family 972 -28%
Condominiums 451 -33%
Plexes (2 to 5 dwellings) 269 -23%
Volume of sales $456,647,647 -28%
Median price
Single-family $230,750 +3%
Condominiums $192,000 -2%
Plexes (2 to 5 dwellings) $337,750 +3%
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Source: Greater Montreal Real Estate Board by CentrisTM
On December 31, 2008, the number of active listings on the MLS ® system was up 17 per cent compared to the same date last year.
Buyers' and Sellers' Intentions Remain Good
According to the latest GMREB Buyers' and Sellers' Survey, 5 per cent of households in the Montreal Metropolitan Area intend on purchasing a home in 2009, a similar result to that of 2008. In addition, 17 per cent of respondents said they were likely or very likely to buy a home within the next five years, down 3 points compared to the results obtained last year.
Is it likely or very likely that you will buy
a property?
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Within 1 year Within 5 years
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2001 6.4% 20.4%
2003 7.6% 21.2%
2006 9.0% 24.9%
2007 6.2% 20.4%
2008 5.1% 17.2%
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