ÎLE-DES-SŒURS, QC, March 6, 2017 /CNW Telbec/ - 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, 3,788 residential sales were concluded in February 2017, an increase of 2 per cent compared to February 2016 and the eighth consecutive monthly increase. Click here to watch the February 2017 statistics video.
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Change in sales by region
- The Island of Montréal saw the number of transactions grow by 7 per cent in February. This is the largest increase in activity among the five main areas of the metropolitan area. As for Laval, it registered a 3 per cent increase.
- Residential sales on the North Shore remained at status quo in February, while the South Shore and Vaudreuil-Soulanges experienced respective sales decreases of 3 per cent and 5 per cent.
"The high-end market performed well across the metropolitan area with a 19 per cent jump in sales of properties over $500,000 compared to the same period last year," said Daniel Dagenais, President of the GMREB Board of Directors. "However, a 6 per cent decrease in activity was observed in the price range below $300,000," he added.
Statistics by property category
- Similarly to January, it was condominium sales that registered the strongest growth in the Montréal CMA in February, jumping by 11 per cent.
- Sales of small rental properties containing two to five dwellings (plexes) posted a more modest 3 per cent increase.
- For the second consecutive month, single-family homes had to settle for a drop in sales – this time it was 3 per cent.
- The median price of single-family homes reached $296,662 in February across the metropolitan region, an increase of 4 per cent relative to the same month in 2016.
- As for condominiums, the median price increased by 5 per cent in February to $238,900. This has been the strongest price growth since September 2015.
- Plexes registered a 6 per cent increase with a median price reaching $475,000.
Number of properties for sale
For the seventeenth consecutive month, the number of properties for sale on the real estate brokers' Centris® system fell, with 13 per cent fewer active listings than February 2016.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 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.
Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker – close to 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.
SOURCE Greater Montréal Real Estate Board
For further information: Manon Stébenne, Manager, Communications and Public Relations, Greater Montréal Real Estate Board, Tel.: 514-762-2440, ext. 157, [email protected]