L'ÎLE-DES-SŒURS, QC, July 7, 2016 /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, 3,620 residential sales were concluded in June 2016, which is unchanged (0 per cent) compared to June of last year. This put an end to a series of 15 consecutive monthly increases in sales (March 2015 to May 2016) in the Montréal area. Click here to watch the June 2016 statistics video.
For more information, please visit www.homepriceindex.ca.
Sales by geographic area
- The number of sales on the Island of Montréal (-1 per cent) and on the North Shore (0 per cent) was similar to the number registered in June of last year, with 1,457 and 821 transactions, respectively.
- In Laval (357 transactions) and in Vaudreuil-Soulanges (168 transactions), sales fell by 5 per cent and 15 per cent, respectively, compared to June 2015.
- In contrast, sales jumped by 10 per cent on the South Shore, where 817 properties changed hands in June 2016 on the real estate brokers' Centris® system.
Sales by property category
- Thanks to a 1 per cent increase in June, sales of single-family homes continued their upward trend for a 16th consecutive month in the Montréal CMA.
- Plexes also performed well, posting a 5 per cent increase in sales across the CMA. Sales of these small rental properties with 2 to 5 dwellings were particularly strong on the Island of Montréal, where they rose by 7 per cent.
- Condominium sales decreased by 2 per cent across the CMA, with 1,073 units being sold. This was the first drop in condominium sales in 11 months.
- The median price of single-family homes throughout the Montréal CMA increased by 2 per cent compared to June of last year to reach $300,000.
- The median price of condominiums also grew by 2 per cent compared to one year earlier, as half of all condominiums sold for a price higher than $245,000.
- Finally, plexes registered the largest price increase, at 5 per cent, with a median price of $457,527.
"A sure sign that Montréal's real estate market is very different than that of Toronto and Vancouver is the fact that price increases have remained quite modest in the Montréal area since the start of the year," said Daniel Dagenais, President of the GMREB Board of Directors. "So far in 2016, the median price of condominiums has remained stable, while that of single-family homes has increased by only 1 per cent. In contrast, however, the median price of plexes has increased by 4 per cent in the first six months of the year," he added.
Number of properties for sale
The downward trend in the number of active listings on the real estate brokers' Centris® system continued for a ninth consecutive month, sitting at 11 per cent in June.
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 – more than 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.
For June 2016 statistics charts, click here.
For year-to-date statistics charts, click here.
SOURCE Greater Montréal Real Estate Board
Image with caption: "Centris® Residential Sales Statistics – June 2016 (CNW Group/Greater Montréal Real Estate Board)". Image available at: http://photos.newswire.ca/images/download/20160707_C4024_PHOTO_EN_728585.jpg
For further information: Manon Stébenne, Manager, Communications and Public Relations, Greater Montréal Real Estate Board, Tel.: 514-762-2440, ext. 157, [email protected]