MONTREAL Real Estate Investors Group » Real Estate Board Press Releases

Montréal’s Real Estate Market Holds Strong in August

Jennifer Walker — Tue, 15 Sep 2009 13:25:08 +0000

Île-des-Sœurs, September 09, 2009 – With sustained sales and a steady increase in prices, the Montréal real estate market showed no sign of slowing down in August, according to the Greater Montréal Real Estate Board’s MLS® statistics. Sales increased by 9 per cent in August 2009 compared to August 2008, and the median price of a single-family home increased by 6 per cent.

“Because residential property sales generate significant economic benefits, the increases we’ve seen over the past four months have largely contributed to the economy of the Montréal Metropolitan Area,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB.

All property categories registered an increase in sales. There were 1,674 single-family homes sold in August 2009, a 5 per cent increase compared to the same month last year. Condominium sales increased by 15 per cent and plex sales had the largest increase at 17 per cent.

In terms of prices, single-family homes led the way with a 6 per cent increase in median price in August 2009 compared to the same period last year. The median price of condominiums grew by 3 per cent, while that of plexes increased by 5 per cent.

“Montréal’s real estate market is doing well.

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Interest rates are still low, the job market is improving and consumer confidence is up,” said Mr. Beauséjour.

Geographically, the largest increases in sales were registered in Laval, in the Vaudreuil-Soulanges area and on the Island of Montréal, where sales increased by 24 per cent, 16 per cent and 15 per cent, respectively, compared to August 2008. Sales on the North Shore grew by 5 per cent and sales on the South Shore decreased slightly by 2 per cent.

As at August 31, 2009, the number of active listings on the MLS® system decreased by 3 per cent in comparison with the same date last year.

For August 2009 statistics charts,
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Real Estate Prices Up, Sales Down

Jennifer Walker — Thu, 08 Jan 2009 17:51:03 +0000

Last month’s MLS® residential sales in the Montréal Metropolitan Area decreased by 31 per cent compared to November 2007, a 6 per cent decrease in year-to-date sales compared to the same period last year, according to the Greater Montréal Real Estate Board (GMREB). While sales have decreased, single-family home median prices are up by 6 per cent year-to-date.

“Montréal’s real estate market has done quite well this year especially when you consider that prices are up and we’re comparing today’s sales with 2007, the year that broke all sales records,” said Michel Beauséjour, FCA, GMREB’s Chief Executive Officer. “All being said and done, Montreal’s market continues to be a good investment, particularly when comparisons are made with other major Canadian cities such as Toronto, Calgary and Vancouver where sales of single-family

homes have dropped by as much as 37 per cent year-to-date, whereas we’re only at a decrease of 9 per cent,” he said.

“Obviously Montreal is not immune from the economic uncertainties facing consumers today. There are three variables that affect the real estate market – interest rates, job creation and consumer confidence. Consumer confidence has dropped for the last two months and employment in Montréal is on the decline as well,” he added.

In terms of prices, the median price of single-family homes grew by 6 per cent during the first 11 months of the year compared to the same period last year, increasing from $215,000 to $227,000. The median price of plexes also grew by 6 per cent, while that of condominiums grew by 3 per cent.

As for year-to-date sales in the Montréal Metropolitan Area, only condominium sales have increased, growing by 2 per cent compared to the same period in 2007. Sales of single-family homes decreased by 9 per cent and sales of plexes fell by 8 per cent.

Since the beginning of

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the year, all major geographic areas have experienced sales slow-downs compared to the same period last year. The South Shore and Laval had the smallest declines, with sales decreasing by only 4 per cent during the first 11 months of the year. Eight per cent declines were recorded on the North Shore and in Vaudreuil-Soulanges, while sales on the Island of Montréal decreased by 6 per cent.

Decrease in November Sales
In November 2008, sales in the Montréal Metropolitan Area dropped by 31 per cent compared to November 2007, while property prices continued to grow.

The median price of condominiums experienced the strongest growth in November 2008, increasing by 5 per cent compared to November 2007. The median price of single-family homes grew by 3 per cent and that of plexes grew by 4 per cent.

All activity sectors recorded sales decreases last month. Sales of single-family homes decreased by 32 per cent compared to November 2007, while sales of condominiums and plexes decreased by 28 per cent and 33 per cent, respectively.

Property prices in the Montréal Metropolitan Area continued to climb during the first 10 months of the year. Median prices of single-family homes and plexes grew by 6% compared to the same period last year, while that of condominiums grew by 3%.

On November 30, 2008, the number of active listings on the MLS® system was up 13 per cent compared to the same date last year.

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Third quarter of 2008: Montréal resale market remains active

Jennifer Walker — Thu, 06 Nov 2008 20:09:52 +0000

Montréal, November 5, 2008 – In spite of a sluggish economy, the resale market has remained active since the beginning of 2008. For the first nine months of the year, existing home sales in the Montréal CMA decreased by only 2 per cent year-over-year. According to the latest MLS® data from the Greater Montréal Real Estate Board (GMREB), 8,463 properties changed hands in the Montréal CMA, up 1 per cent from the same quarter a year ago. “The introduction of new rules relating to the maximum amortization period and the minimum down payment required for insured mortgages may have prompted a number of households to purchase earlier than planned”, said Stéphane Duguay, Market Analyst at Canada Mortgage and Housing Corporation.Property listings, for their part, increased for the second quarter in a row to 21,425 units, up 12 per cent compared to the same period a year ago. The average selling price of homes grew at a similar rate as the pace observed since the beginning of the year. In fact, the average increase in prices was 5 per cent this past quarter, versus 4 per cent in the second quarter and 6 per cent in the first quarter. “Despite the rise in listings observed over the last two quarters, the high demand is such that the resale market still remains favourable to sellers, for all three property types,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB.

In the third quarter, 5,098 single-family houses were sold, for a decrease 2 per cent year-over-year. The Island of Montréal sector accounted for most of the decline in the single-family segment, with sales falling by 11 per cent. In Vaudreuil-Soulanges, sales dropped by 9 per cent in the third quarter, but the impact of this decrease on the whole market was not very significant, as 367 units were sold in this sector, compared to 1,011 on the Island of Montréal. All other sectors in the Montréal CMA registered small increases in sales, varying between 1 per cent and 3 per cent. Listings of single-family homes rose by 17 per cent in the third quarter, compared to the same period in 2007. This rise followed a 9-per-cent increase posted the previous quarter. The average price of single-family homes in the Montréal CMA was $273,872, up 6 per cent from the same period a year ago. This price increase was, however, greater than the 4-per-cent rise posted in the second quarter. Therefore, even though sales fell and listings rose, the single-family market segment remained tight in the Montréal CMA.

The condominium segment remained strong in the third quarter of 2008. From July 1 to September 30, 2,417 condominiums were sold, for an increase of 8 per cent compared to the third quarter of 2007. This result was also in line with the rate of growth recorded year-to-date. The greater affordability of condominiums has allowed this housing type to post a relatively good performance. Thus, from January to September, while single-family home sales were down 6 per cent, condominium sales were up 7 per cent in the CMA. In the last quarter, listings rose much less significantly in the case of condominiums than for the other housing types. Total condominium listings increased by 3 per cent over the same period last year. The average selling price of condominiums in the CMA rose 3 per cent this past quarter, a pace similar to the growth observed since the beginning of the year but slower than the rates recorded for the other housing types. This difference was partly due to the increased share of condominiums sold in the less expensive sectors.

In the third quarter of 2008, there were 948 plex sales, or 2 per cent more than during the same period in 2007. The supply of plexes, for its part, rose by 15 per cent over the third quarter of 2007. This increase was less significant, though, than the 20-per-cent hike registered in the previous quarter.

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In the third quarter of 2008, 2,766 plexes were listed in the GMREB MLS® system. It should be noted that, with listings up by 11 per cent, the South Shore saw this segment shift from a seller’s market to a balanced market. It would seem that the appreciable rise in listings noted since the beginning of the year has slowly been reflected in the prices. In the overall CMA, plex selling prices registered an increase of 5 per cent in the last quarter, a slightly smaller gain than the hike of 6 per cent recorded for the first six months of the year.

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Strength of Real Estate Market Confirmed by First Three Quarters of 2006

Jennifer Walker — Thu, 02 Nov 2006 22:01:29 +0000

Strength of Real Estate Market Confirmed by First Three Quarters of 2006 Île-des-Soeurs, October 5, 2006 – According to Greater Montréal Real Estate Board (GMREB) statistics, 39,225 transactions were recorded on the GMREB MLS® system during the first three quarters of 2006, a 1% increase compared to the 38,748 sales that were made in the record year of 2005.“As we predicted at the beginning of the year, economic indicators remain good for the purchase and the sale of homes and everything leads us to believe that 2006 will be similar to recent years in terms of number of transactions”, said GMREB Chief Executive Officer, Michel Beauséjour, FCA. “After three quarters, we are on pace with 2005 which was the best year ever for the Montréal Metropolitan Area.”

In September 2006, the average value of a single-family home rose by 8%, from $205,000 (September of 2005) to $221,000 (September of 2006). For the first nine months of 2006, the average sale price of single-family homes rose 7% to $215,000, compared to $201,000 recorded during the same period in 2005.

As for the resale of condominiums, GMREB statistics indicate that the average value for September 2006 increased by 3%, rising to $205,000 from the $199,000 average recorded in September of 2005. A 5% increase applies to all of 2006 with the average sale price reaching $200,000 compared to $191,000 during the same period in 2005.

This is not necessarily a true indication of the actual price of single-family homes in all sectors of the Greater Montréal area, but rather an indication of the trend in the average cost of properties located in the areas covered by the GMREB.

For September 2006, total sales dollar volume of units sold reached $786.6 million, an increase of 2% compared to the $768.7 million for the same time in 2005. Since the beginning of 2006, total sales dollar volume of units sold reached $8.4 billion, rising 8% from the $7.8 billion recorded in 2005 for the same period.

As of September 30, GMREB statistics showed a 12% increase in residential listings on its MLS® system, numbered at 34,501 compared to 30,754 on the same date in 2005.

Even though the number of transactions recorded since the beginning of the year indicates that the resale market is on pace for another record year, the month of September posted a 4% drop, with 3,595 transactions compared to 3,736 in September 2005.

Despite a 3% decrease in September 2006 compared to September 2005, single-family homes are also up by 2% for the first three quarters of the year with 25,348 transactions compared to 24,893 sales for the same period in 2005.

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For the first three quarters of 2006, condominium sales are up by 4% with 8,124 transactions compared to 7,809 for the same period last year, despite the fact that in September 2006, condominium resales decreased by 9%.

“There are many factors that impact the number of transactions from one month to another, adds Beauséjour. That is why in order to produce a real estate market analysis that is as accurate as possible, it is better to compare cumulative data from one year to another.”

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Jennifer Walker — Tue, 11 Apr 2006 02:28:13 +0000

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14,425 properties changed hands in the first quarter of 2006

Jennifer Walker — Mon, 10 Apr 2006 22:38:17 +0000

Île-des-Soeurs, April 4, 2006 – A total of 14,425 residential sales were recorded on the Greater Montréal Real Estate Board (GMREB) S.I.A.®/MLS® System in the first quarter of 2006, which makes it the second best quarter of all time after 2002, when 16,024 sales were closed.According to statistics published by the GMREB, the average price of a single-family home for the first three months of 2006 was $207,000, compared to $195,000 at the same time a year ago, which is a 6% increase.

ZONE	AVERAGE PRICE (single-family)	VARIATION 2005-2006
Montréal	$312,000	+2%
Laval	$211,000	+9%
Montérégie	$196,000	+8%
Laurentians	$187,000	+8%
Lanaudière	$152,000	+5%

The total sales dollar volume of units sold for the first quarter of 2006 was $2.98 billion, an 11% increase compared to the previous record of $2.68 billion set in 2005. “The number of units sold confirms that the market remains strong and, as we had predicted earlier this year, price increases have stabilized,” says Michel Beauséjour, FCA, GMREB Chief Executive Officer.

March 2006
According to the GMREB statistics, 6,332 sales were registered in March 2006, up by 5.5% when compared to the 6,003 sales for the same time period a year ago. In March, the total sales dollar volume of units sold was $1.32 billion, a 10% increase when compared to the total of $1.2 billion in March 2005.

As of March 31, there were 36,642 residential listings on the S.I.A.®/MLS® System, while there were 32,323 at the same time last year. Also, 10,697 new listings were entered in our system in March 2006, an increase of 13% compared to the 9,479 new listings entered in March 2005.

“That’s good news for sellers because the market is still very active, and also for buyers because the number of active listings keeps increasing, which gives them a broader choice of properties,” adds Michel Beauséjour.

According to GMREB statistics, the average price of single-family homes was $211,000 in March 2006, up by 6% when compared to $199,000 in March 2005.

ZONE	AVERAGE PRICE (single-family)	VARIATION 2005-2006
Montréal	$314,000	-1%
Laval	$212,000	+10%
Montérégie	$199,000	+9%
Laurentians	$185,000	+4%
Lanaudière	$154,000	+5%

This is not necessarily a true indication of the actual price of single-family homes, but rather an indication of the trend in the average cost of properties located in the areas covered by the GMREB.

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About the GMREB
The Greater Montréal Real Estate Board is a non-profit organization and has close to 9,000 members, real estate brokers and agents. It is the second most important board in Canada and its mission is to actively promote and protect its members’ professional and business interests in order for them to successfully meet their business objectives.