L'Île-des-Sœurs, September 6, 2016 - 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, 2,699 residential sales were concluded in August 2016, a 13 per cent increase compared to August of last year. This was the 17th increase in sales in the past 18 months.
Sales by geographic area
- In August, strong sales increases were registered in the areas of Vaudreuil-Soulanges (+24 per cent) and the South Shore (+18 per cent).
- The Island of Montréal and the North Shore also performed well, registering respective sales increases of 13 and 12 per cent.
- Laval registered a small decrease in sales (-2 per cent) for a third consecutive month.
Sales by property category
- All three property categories contributed to the increase in sales in August: condominium sales jumped by 15 per cent, single-family home sales grew by 12 per cent and plex sales increased by 10 per cent.
- The median price of single-family homes across the Montréal CMA rose by 6 per cent compared to August of last year, reaching $307,250. This was the largest increase in almost five years.
- Half of all condominiums sold for more than $250,000, corresponding to a 4 per cent increase in median price.
- Finally, for a second consecutive month, the median price of plexes (2 to 5 dwellings) remained unchanged at $459,000.
Number of properties for sale
For an eleventh consecutive month, the supply of properties for sale continued to fall. The 28,142 listings in the Montréal CMA on the real estate brokers’ Centris®system represent a 13 per cent decrease compared to August of last year.
“Market conditions are gradually tightening in the Montréal area,” said Daniel Dagenais, President of the GMREB Board of Directors. “Only condominiums are still showing a surplus of inventory, which gives buyers a slight upper hand in negotiations,” added Mr. Dagenais.
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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 – nearly 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.