Market Updates

This is the first year in a very, very long time that we’ve seen sales and prices up and listings down…across the board. Sales are up 10% and listings down 14%.  Each area fluctuates a bit, however this is the trend. When there isn’t much to choose from, buyers will pay a bit more for top quality that is on the market. We’re seeing properties selling faster and with multiple offers. The only area where prices stayed neutral was Vaudreui l-Soulanges. Even though sales are up and listings down, they are a newer community with a lot similar homes in the same era. Their quality and features and style are more similar so as a purchaser there still is a lot of competition compared to a place like NDG where there is more of a mix of styles, renovations and features.

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Let me just start by saying, sales are up 2%, 3788 and active listings are down 13%, 30,187. Loud and clear! Collectively, prices are all up, including condos. Breaking it down though, there are some areas that took a bit of a hit. Condo prices are down in Laval and the North Shore. Not too bad since sales are up. South shore sales are down, and so are listings, which brings balance.

Sales and listings are down in Vaudreuil Soulanges. In this area houses over $500K are not moving much at all. Not a lot of visits or buyers.

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Sales are up and active listings are down. Not only are we seeing this through the Greater Montreal Real Estate Board statistics, but in our weekly meetings we're all noticing that there isn’t much out there for our buyers to choose from. This type of market results in properties selling for more than they might be worth, driving up the market, and creating a turn in the market. There are some areas that are busier than others, that’s for sure, however the general feel of the market is that for homes and plexes, it’s leaning towards a seller’s market.  

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The Island of Montreal is hot hot hot right now. Sales are up, and listings are down. It's a great time for Sellers. The condo market is still relatively flat with a lot of choices in all areas. Condo construction is still very active. This market jump may be due to investors comparing our market to a lot of other active cities like Vancouver and Toronto. Let’s face it, you can’t find anything in Toronto for under $500K. Compared to our market, you can find a triplex in some areas for that price! 

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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, 2,685 residential sales were concluded in July 2016, which is a 3 per cent increase compared to July of last year.

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