Montréal Area Residential Real Estate Market: Upward Trend Continued in Ma
L'Île-des-Sœurs, April 6, 2016 - 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, 4,725 residential sales were concluded in March 2016, a 6 per cent increase compared to March 2015 and the 13th consecutive monthly increase in sales. Sales by geographic area All five main areas of the Montréal CMA registered an increase in residential sales in March 2016. For a second consecutive month, the Vaudreuil-Soulanges area held the top spot with a 23 per cent increase in sales compared to March of last year.
The Island of Montréal and the North Shore both registered a 6 per cent rise in sales, while more moderate growth was seen on the South Shore (+3 per cent) and in Laval (+2 per cent). Statistics by property category As was the case in February, plexes registered the largest growth in sales in the Montréal CMA in March, jumping by 23 per cent. Condominium sales also fared well, growing by 10 per cent. After several months of strong increases, sales of single-family homes increased by 2 per cent in March. Prices The median price of single-family homes across the CMA stood at $287,000 in March, a 1 per cent increase compared to March of last year. The median price of plexes grew by 5 per cent to reach $467,500. In contrast, the median price of condominiums ($231,600) fell by 1 per cent in March.
This was the second consecutive decrease in the median price of condominiums. Number of properties for sale For a sixth consecutive month, the number of properties for sale on the real estate brokers’ Centris® system fell, with the number of active listings decreasing by 7 per cent compared to March 2015. “After the upward trend in active listings reversed last fall, it is now the average selling time that seems to be decreasing,” said Daniel Dagenais, President of the GMREB Board of Directors. In fact, the average selling time (99 days) for all property categories combined has registered its third decrease in the past four months, falling just below 100 days in the Montréal area. For more information, please visit www.homepriceindex.ca.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with close to 9,300 members: real estate brokers. Its mission is to actively promote and protect its members’ professional and business 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 – more than 100,000 – under the same address. Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources exclusively to Québec’s 12 real estate boards and their 13,000 real estate brokers. -30- For March 2016 statistics charts, click here. For year-to-date statistics charts, click here
For further information:
Manon Stébenne Manager,
Communications and Public Relations Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 157
manon.stebenne@gmreb.qc.ca
josee.labrie@gmreb.qc.ca
