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 of9 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 duri
ng 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 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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