Montréal Area Real Estate Market is on a Roll

L'ÎLE-DES-SŒURS, QC, Oct. 14, 2015 /CNW Telbec/ - The Greater Montréal Real Estate Board (GMREB) has released its most recent residential sales statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database, revealing that sales continued to increase for a fifth consecutive quarter, the longest streak since 2006.

Click here to see the main residential statistics for the Montréal Metropolitan Area.

Here are the main statistics for the third quarter of 2015, as compared to the third quarter of last year.

Sales:

  • 5 per cent increase in the number of residential sales, and fifth consecutive quarterly increase in sales;
  • 14 per cent increase in plex transactions (two to five dwellings) and 6 per cent increase for single-family homes; 1 per cent decrease in condominium transactions;
  • By geographic area: sales rose by 9 per cent in Vaudreuil-Soulanges, by 8 per cent in Laval,
    by 7 per cent on the Island of Montréal and by 4 per cent on the North Shore;
    sales fell by 1 per cent on the South Shore.

Prices:

  • Moderate increase in the median price of single-family homes (+2 per cent, $290,000) and plexes
    of two to five dwellings (+1 per cent, $445,000);
  • 5 per cent increase in the median price of condominiums ($245,000), the best performance
    in the last 17 quarters.

Active listings:

  • Upward trend continued for a twentieth consecutive quarter;
  • Increase in the number of properties for sale of only 1 per cent.

"The number of active listings and, by extension, market conditions in general, are in the process of stabilizing," noted Sylvain Girard, Vice-President of the Board of Directors of the Greater Montréal Real Estate Board (GMREB). "Currently, only the condominium property category is showing a slight excess in supply, thereby giving buyers the upper hand. For the two other property categories, single-family homes and plexes, the market is relatively balanced," he added.

Province's Residential Real Estate Market: Fifth Consecutive Quarterly Increase in Sales

The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential sales statistics for the province of Québec, based on the real estate brokers' Centris® provincial database. In total, 15,991 residential sales were concluded in the third quarter of 2015, a 2 per cent increase compared to the third quarter of 2014 and the fifth consecutive quarterly increase in sales.

Click here to see the main residential statistics for the province of Québec.

Demand for plexes (2 to 5 dwellings) remained strong, as the number of transactions (1,378) jumped by 7 per cent across the province in the third quarter of 2015. Sales of single-family homes (11,399) increased by 2 per cent, while condominium sales fell slightly by 1 per cent (3,099), the first decrease in five quarters.

Geographically, the Montréal Census Metropolitan Area (CMA) set the pace with a 5 per cent increase in residential sales. Gatineau was the only other CMA to register sales growth, as the number of transactions rose by 2 per cent compared to the third quarter of last year. Decreases in sales were registered in the CMAs of Québec City (-2 per cent), Saguenay (-6 per cent), Sherbrooke (-9 per cent) and Trois-Rivières (-13 per cent).

Among the smaller urban centres, the agglomeration of Val-d'Or stood out once again, this time with a 38 per cent increase in sales. The agglomeration of Saint-Jean-sur-Richelieu also turned in a solid performance with a 35 per cent jump in sales. Other notable increases were registered in the agglomerations of Saint-Lin–Laurentides (+20 per cent), Saint-Sauveur (+20 per cent) and Sorel-Tracy (+14 per cent).

In terms of prices, the upward trend continued, as the median price of both single-family homes ($227,000) and condominiums ($225,000) increased by 2 per cent across the province in the third quarter of 2015, as compared to the third quarter of last year. "Price increases remained quite moderate in Québec," noted Paul Cardinal, Manager of the QFREB's Market Analysis Department. "For single-family homes, for example, the pace of price growth has varied between 0 per cent and 2 per cent for three years now," he added. 

Finally, the supply of residential properties for sale increased only slightly in the third quarter of 2015. On average, there were 79,819 active listings on the Centris® system, which represents a 3 per cent increase compared to the same period in 2014. 

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 the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards and the more than 13,000 real estate brokers who are their members. Its mission is to promote and protect the interests of Québec's real estate industry so that the boards and their members can successfully meet their business objectives.

About Centris.ca

Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Visit Centris.ca to obtain more information and quarterly statistics for the province of Québec.

For more information about the Centris® statistics for each of the province's regions, don't miss the upcoming publication of the QFREB Barometer.

 

SOURCE Québec Federation of Real Estate Boards

For further information: Sarah Hamel, Tel.: 514-762-0212, ext. 216, sarah.hamel@fciq.ca

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