Montreal Real Estate – The Greater Montreal Real Estate Board (GMREB) has released its most recent residential real estate market statistics for the Montreal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® provincial database. In total, 8,845 residential sales were concluded in the third quarter of 2017, a 9 per cent increase compared to the third quarter of last year. This was the best third quarter sales result since 2009.
Here are some highlights from the third quarter of 2017, as compared to the third quarter of 2016.
- With 8,845 transactions concluded, residential sales in the Montreal CMA grew by 9 per This was the 14th consecutive quarterly increase in residential sales.
- For the third consecutive quarter, condominiums registered the largest sales increase
(+18 per cent), with 3,043 units sold – a third quarter sales record for this property category.
- Sales of single-family homes and plexes (2 to 5 dwellings) also registered significant increases, at 5 per cent and 8 per cent
- All five main areas of the Montreal CMA saw sales Laval (+13 per cent) and the Island of Montreal (+12 per cent) registered the largest increases, followed by Vaudreuil-Soulanges
(+7 per cent), the South Shore (+6 per cent) and the North Shore (+5 per cent). It should be noted that the Island of Montreal registered a new third quarter sales record with 3,872 transactions.
Across the CMA, the median price of single-family homes and plexes grew steadily in the third quarter, increasing by 5 per cent in both cases. The median price of single-family homes stood at
$320,500 while that of plexes reached $479,000.
- The median price of single-family homes rose sharply in each of the main areas of the CMA:
+5 per cent in Laval ($320,000), +6 per cent in Vaudreuil-Soulanges ($308,000), +7 per cent on the South Shore ($304,750) and +8 per cent on the North Shore ($268,500) and on the Island of Montreal ($455,000).
- The median price of condominiums remained relatively stable across the CMA at $253,000
(+1 per cent). This stability is mainly due to a distribution effect, as the median price per main area increased as follows: +2 per cent on the Island of Montreal, +4 per cent in Laval, + 5 per cent on the South Shore and +7 per cent in Vaudreuil-Soulanges. The North Shore was the only area whose median price for condominiums was truly at a standstill.
- Active listings fell for an eighth consecutive quarter, with 24,640 properties for sale in the Montreal CMA, a 14 per cent decrease compared to the third quarter of last
- For single-family homes, this was the lowest number of houses for sale in 10
Information provided by Real Estate Broker Amy Assaad