• Residential Real Estate Market: Record Number of Sales in the Montréal Area in the Second Quarter of the Year

    L’Île-des-Sœurs, July 13, 2017 - 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 estatebrokers’ Centris® provincial database. In total, 13,764 residential sales were concluded in the second quarterof 2017, an 8 per cent increase compared to the second quarter of last year and a new second-quarter sales record.

    Click here to see the main residential real estate market statistics for the Montréal CMA.

    Here are some highlights from the second quarter of 2017, as compared to the second quarter of 2016.

    Sales
    • With 13,764 transactions concluded, the residential real estate market in the Montréal CMA set a new sales record by surpassing the 13,727 transactions that were registered in the second quarterof 2009.
    • Condominiums registered the largest sales increase (+17 per cent), with 4,487 transactions. This was a record number of sales for this property category for a second consecutive quarter.
    • Sales of single-family homes and plexes (2 to 5 dwellings) also registered significant increases of 4 per cent and 9 per cent, respectively.
    • All five main areas of the Montréal CMA posted sales increases. For a second consecutivequarter, Vaudreuil-Soulanges (+27 per cent) and the Island of Montréal (+12 per cent) registeredthe largest increases, followed by Laval (+6 per cent), the South Shore (+4 per cent) and the NorthShore (+3 per cent).

    “Demand for high-end properties remained strong this spring in the Montréal area as sales concluded at $500,000 or more jumped by 31 per cent compared to the second quarter of last year, and sales concluded at $700,000 or more increased by 40 per cent, with 871 transactions,” said Mathieu Cousineau, President of the GMREB Board of Directors. “In fact, this market segment has performed better than the overall market for the past 12 quarters,” he added.

    Prices
    • The median price of all three property categories grew substantially in the second quarter of the year. Across the CMA, single-family homes registered the largest increase in median price at 7 per cent, to reach $318,000. The median price of condominiums rose by 3 per cent to reach $245,084 while that of plexes grew by 4 per cent to reach $480,000.
    • The median price of single-family homes rose significantly in all five main areas of the CMA,ranging from +5 per cent on the North Shore ($267,250) and in Vaudreuil-Soulanges ($295,000) to+7 per cent on the Island of Montréal ($445,000) and on the South Shore ($305,000). In Laval, themedian price of single-family homes rose by 6 per cent ($322,000).
    • For condominiums, the area of Vaudreuil-Soulanges posted the largest increase in median price at 5 per cent, with half of all units selling for more than $179,350.
    Active listings
    • The number of active listings fell for a seventh consecutive quarter with 27,838 properties for sale across the Montréal CMA, a 14 per cent drop compared to the second quarter of last year.
    • The supply of single-family homes and plexes fell by 19 per cent and 16 per cent, respectively, while that of condominiums decreased by 8 per cent.
    • Successive decreases in active listings have offset the many increases that were seen in recent years, so that the supply of properties for sale has now returned to levels observed in the spring of 2012.

    Record Number of Sales on Québec’s Residential Real Estate Market in the Second Quarter of 2017

    The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential real estate market statistics for the province of Québec based on the real estate brokers’ Centris® provincial database. In total, 25,638 sales were concluded in the second quarter of the year, a 4 per cent increase compared to thesecond quarter of last year. This was the 12th consecutive quarterly increase in sales and a new secondquartersales record.

    “Despite the mortgage tightening measures that have been in effect since the fall, we’ve seen a great start to the real estate market this year,” said Paul Cardinal, Manager of the QFREB’s Market Analysis Department. “The exceptionally strong labour market and the sharp increase in net migration last year have stimulated the demand for housing,” he added.

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

    Here are the other highlights of the second quarter of 2017:

    Sales
    • Condominium sales across Québec rose sharply, as the 5,583 transactions concluded represent a 14 per cent jump compared to the second quarter of 2016 and a new sales record for this property category.
    • Sales of single-family homes and plexes rose by 2 per cent (17,857 transactions) and 7 per cent (2,087 transactions), respectively.
    • Geographically, only two of the province’s census metropolitan areas (CMAs) registered an increase in sales in the second quarter: the Montréal CMA stood out with an 8 per cent increase in sales, while Gatineau posted an increase of 3 per cent. All of the other CMAs registered a drop in sales: TroisRivières (-12 per cent), Saguenay (-8 per cent), Québec City (-2 per cent) and Sherbrooke (-2 per cent).
    • Among the smaller urban centres, significant sales increases were seen in the agglomerations of Thetford Mines (+55 per cent), Sept-Îles (+28 per cent), Saint-Jean-sur-Richelieu (+24 per cent) and Rouyn-Noranda (+22 per cent).

    Prices
    • The median price of single-family homes sold in Québec in the second quarter of the year was $250,000. This is a 5 per cent increase compared to the same period last year and the largestquarterly increase in almost six years.
    • Again, the Montréal CMA registered the largest increase, at 7 per cent, with a median price of $318,000 for single-family homes.
    • The Gatineau ($249,700) and Saguenay ($181,750) CMAs also registered noteworthy increases of 5 per cent and 4 per cent, respectively.
    • Finally, the median price of single-family homes grew modestly by 2 per cent and 1 per cent, respectively, in the Québec City ($258,500) and Trois-Rivières ($150,000) CMAs, and remainedunchanged in the Sherbrooke CMA ($204,500).

    The downward trend in the number of residential properties for sale in Québec continued for a sixth consecutive quarter. From April to June 2017, there was an average of 73,574 active listings on the real estate brokers’ Centris® system, which is a 9 per cent drop compared to the second quarter of 2016.

    Finally, across the province, it took an average of 114 days (-7 days) for a home to find a buyer in the second quarter of 2017 (all property categories combined).

  • Momentum Continues on Montréal’s Residential Real Estate Market

    L'Île-des-Sœurs, July 6, 2017 - 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, 3,952 residential sales were concluded in June 2017, a 10 per cent increase compared to June of last year. The sales record for a month of June, which was set in 2009, was 4,163 transactions.

    “The residential real estate market in the Montréal area is showing solid momentum, as we just registered the 25th increase in sales in the past 26 months,” said Mathieu Cousineau, President of the GMREB Board of Directors.

    Sales by geographic area
    • For a second consecutive month, the area of Vaudreuil-Soulanges and the Island of Montréal clearly stood out with sales increases of 29 and 17 per cent in June.
    • Laval also registered a solid performance with a 13 per cent increase in sales compared to June of last year.
    • Sales on the South Shore also held their ground, rising by 6 per cent.
    • Only the North Shore posted a decrease in the number of residential sales, as transactions fell by 5 per cent compared to June 2016.
    Sales by property category
    • For a second consecutive month, condominiums led the way, as sales of this property category jumped by 20 per cent across the Montréal CMA in June. In May, the increase was 23 per cent.
    • Plex sales were also very strong, increasing by 12 per cent.
    • Sales of single-family homes registered a more modest increase, at 4 per cent, but it remained the property category with the most transactions, as 2,248 sales were concluded in June.

    Prices
    • Across the Montréal CMA, the median price of plexes reached $478,250 in June, a 4 per cent increase compared to June of last year.
    • As for condominiums, half of all transactions were concluded at a price higher than $257,500, meaning that the median price was 5 per cent higher than in June 2016.
    • Finally, the median price of single-family homes grew by 9 per cent to reach $328,000.


    “Price increases have been accelerating in the Montréal area for a few months now. The growth in the median price of single-family homes has just reached its highest rate since December 2010,” added Mr. Cousineau.

    Number of properties for sale

    The number of residential properties listed on the real estate brokers’ Centris®system (25,763) decreased by 14 per cent compared to June of last year.












    For more information, please visit www.homepriceindex.ca.
  • Record Sales in May on Montréal’s Residential Real Estate Market

    L'Île-des-Sœurs, June 6, 2017 - 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, 5,057 residential sales were concluded in May 2017, a 15 per cent increase compared to May of last year and a new sales record for a month of May.

    “This was an exceptional month of May on Montréal’s residential real estate market,” said Mathieu Cousineau, President of the GMREB Board of Directors. “Sales surpassed the previous peak for a month of May, which dates back to 2007,” added Mr. Cousineau.

    Sales by geographic area
    • All five main areas of the Montréal CMA registered an increase in sales in May. However, the areas of Vaudreuil-Soulanges and the Island of Montréal clearly stood out with respective sales increases of 25 and 22 per cent.
    • The North Shore and Laval were also quite active, as sales rose by 14 per cent and 11 per cent, respectively.
    • Finally, the South Shore registered a more modest sales increase of 4 per cent compared to May of last year.
    Sales by property category
    • Condominium sales registered an impressive increase of 24 per cent across the Montréal CMA, with 1,637 transactions.
    • Plexes (467 transactions) also turned in an excellent performance, with a 19 per cent jump in sales.
    • Single-family homes, whose sales grew by 10 per cent in May, remain the most in demand property category, as 2,950 transactions were concluded.

    Prices
    • The median price of single-family homes stood at $319,000 in May in the Montréal CMA. This was a 6 per cent increase compared to May 2016.
    • Condominiums registered much more sluggish price growth, as the median price of this property category rose by only 1 per cent to reach $243,000.
    • As for plexes, half of all transactions were concluded at a price higher than $480,000, which is up 5 per cent compared to May of last year.

    Number of properties for sale

    The number of residential properties listed on the real estate brokers’ Centris®system (28,137) decreased for a 20th consecutive month, falling by 15 per cent compared to May 2016.












    For more information, please visit www.homepriceindex.ca.
  • The Real Estate Board Invites Montréal's Elected Officials to Consider Certain Factors Before Imposing a 15 Per Cent Tax on Foreign Buyers

    L’Île-des-Sœurs, May 15, 2017 - The Greater Montréal Real Estate Board (GMREB) invites elected Montréal officials to consider certain factors before imposing a 15 per cent tax on foreign buyers. The proportion of foreign buyers is quite different in Montréal compared to Toronto and Vancouver. Furthermore, the Montréal real estate market is not in an overheated situation.

    “Looking at the dwelling vacancy rate, the pace of price growth, the number of months of inventory, as well as the available data on the percentage of foreign buyers, there is nothing to suggest that there is a situation in Montréal that requires a quick response,” states Mathieu Cousineau, Chairman of the GMREB Board of Directors. “However, we do believe that there is an urgent need to put in place the means to effectively identify property purchases by foreign nationals. This will enable us to monitor the evolving situation and make informed decisions,” added Mr. Cousineau.

    The number of foreign buyers in the market

    The Canada Mortgage and Housing Corporation (CMHC) has estimated that the share of foreign buyers in the entire Montréal metropolitan area for all property categories is only 1.5 per cent. Although this figure may be underestimated, the proportion is nevertheless low. In comparison, the proportion of foreign buyers in the Vancouver area has been estimated at 9.7 per cent by the Government of British Columbia and 4.9 per cent in Toronto by the Toronto Real Estate Board.

    Overall, foreign buyers still have little impact on property prices in Greater Montréal. According to our brokers in the field, foreign buyers are present primarily in more well-off markets such as Ville Mont-Royal and Westmount. To a lesser extent, they are present in the West Island and Brossard single-family home markets, as well as in the Downtown, Griffintown, and to a lesser extent, Île-des-Sœurs condominium markets.

    It is important not to lump all foreign buyers together. A distinction must be made between foreign investors who buy properties for speculation and foreign buyers who establish their principal residence here.

    More and more immigrants are choosing Montréal as their destination, largely due to the quality of life, the favourable economic conditions and the low cost of living. They are not only an integral part of the new boom taking place in Québec's largest city but their contribution is also essential to our future demographic growth. However, while the latest statistics on net migration clearly show that this category of foreign buyers is increasingly present, there is no evidence that speculative buying of properties by foreign investors is a common phenomenon here, such as is probably the case in Vancouver and Toronto.

    Urgent need of an accurate picture of foreign buyers in the market

    It is currently difficult to obtain a clear picture of the situation of foreign buyers in the Montréal real estate market.

    It should be noted that in the last federal budget, the government proposed addressing these gaps by providing Statistics Canada with $39.9 million over five years to develop and implement the Housing Statistics Framework (HSF). The HSF builds on the Government's commitment in the 2016 budget to develop methods for gathering data on foreign homebuyer activity.

    There are various actions that could be considered to respond to the situation. For instance, since June 10, 2016, the Government of British Columbia has been tracking property purchases by foreigner buyers using property transfer tax forms. Similarly, in Québec, when registering a transaction in the land register, buyers might be required to note if they are a Canadian citizen or not (in which case, it would then be necessary to identify if they have permanent resident status or not).

    Price growth

    Residential property price increases have been modest in recent years in the Montréal metropolitan area. The market is far from a housing shortage, whether it be the resale, new construction or rental markets. During the period from 2012 to 2016, the annual price growth never exceeded 4 per cent.

    This pace has picked up somewhat this year with median prices for single-family homes and condominiums increasing by 6 per cent and 3 per cent, compared with the first four months of 2016. The Montréal real estate market remains very affordable when compared with most major cities in North America, with a median price of $304,000 for single-family homes and $240,000 for condominiums. In this context, it is difficult to foresee a surge in prices similar to what Toronto has experienced.

    Vacancy rate

    According to the CMHC, the rental vacancy rate in Montréal is not a concern, as it was still relatively high at 3.9 per cent in October 2016. By comparison, during this same period, the vacancy rate was 1.3 per cent in Toronto and 0.7 per cent in Vancouver.

    Number of months of inventory

    The Montréal resale market is characterized by a much higher number of months of inventory than the cities of Vancouver and Toronto, where there is a marked imbalance between supply and demand. The situation is different here with overall market conditions being relatively balanced. We have just returned to a seller's market for single-family homes, while the condominium market still shows a small surplus.

  • Montréal’s Residential Real Estate Market: Most Active Month of April Since 2012

    L'Île-des-Sœurs, May 4, 2017 - 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, 4,798 residential sales were concluded in April 2017, a 1 per cent increase compared to April of last year. This was the most active month of April since 2012.

    Sales by geographic area
    • Two of the five main areas of the Montréal CMA registered an increase in sales in April: Vaudreuil-Soulanges (+29 per cent) and the South Shore (+3 per cent).
    • Sales were unchanged on the Island of Montréal, and decreased slightly in Laval (-3 per cent) and on the North Shore (-2 per cent).
    Sales by property category
    • Condominiums were the only property category to register an increase in sales in April, as the number of condo transactions rose by 9 per cent.
    • Sales of single-family homes (-3 per cent) and plexes (-1 per cent) posted slight decreases.

    Prices
    • Condominiums and plexes registered moderate price increases. The median price of plexes reached $488,000, a 4 per cent increase compared to April of last year, while that of condominiums stood at $240,000, a 2 per cent increase.
    • The median price of single-family homes rose by 7 per cent compared to April 2016, to reach $309,000. This was the largest increase since July 2011.

    “Price increases were more sustained for single-family homes, as market conditions for this property category once again give sellers the upper hand,” said Mathieu Cousineau, President of the GMREB Board of Directors. “The number of active listings has dropped significantly over the past year for single-family homes, which helped create a certain rarity,” added Mr. Cousineau.


    Number of properties for sale


    The downward trend in the supply of properties for sale continued in April, as the number of residential properties listed on the real estate brokers’ Centris®system (29,519) fell by 14 per cent compared to April of last year.












    For more information, please visit www.homepriceindex.ca.
  • Mathieu Cousineau Elected President of the Board of Directors of the Greater Montréal Real Estate Board

    L’Île-des-Sœurs, April 25, 2017 - The Greater Montréal Real Estate Board (GMREB) is pleased to announce that Mathieu Cousineau has been elected President of the Board of Directors. Managing Director of Groupe Sutton Synergie, he has close to 15 years of real estate experience, including 11 years as a real estate broker and 4 years as an agency executive officer. He is in his second term on the GMREB Board of Directors, where he has served on several committees and Boards of Directors of the GMREB and its subsidiaries.

    Mathieu Cousineau has acquired solid experience related to the presidency of a Board. In fact, he has been the President of the Board of Directors of the Collège de l'immobilier du Québec since 2015. He also held the position of Treasurer of the GMREB Board of Directors since 2015 and of Centris® since its creation.


  • Best Month of March in Five Years on Montréal’s Residential Real Estate Market

    L'Île-des-Sœurs, April 6, 2017 - 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, 5,159 residential sales were concluded in March 2017, a 10 per cent increase compared to March of last year. This was the most active month of March since 2012.

    “Some first-time buyers purchased their home a bit sooner, wanting to get in before the cost of mortgage loan insurance increased on March 17,” said Daniel Dagenais, President of the GMREB Board of Directors. “This may have slightly inflated the results for March, but the sustained increase in sales in the higher price ranges shows that it is mostly experienced buyers who are setting the tone,” he added.

    Sales by geographic area
    • All of the main areas of the Montréal CMA registered an increase in sales in March. The largest increases were in Vaudreuil-Soulanges (+16 per cent) and on the North Shore (+15 per cent).
    • The other geographic areas were not too far behind, as sales rose by 9 per cent on the Island of Montréal, by 7 per cent in Laval and by 6 per cent on the South Shore.


    Sales by property category
    • As was the case in the first two months of the year, condominium sales (1,651 transactions) took the lead in March, jumping by 15 per cent.
    • Sales of single-family homes increased by 9 per cent (3,080 transactions), while sales of small rental properties with 2 to 5 dwellings (plexes) fell slightly by 3 per cent (425 transactions).

    Prices
    • The median price of single-family homes and condominiums has increased steadily over the past year. Across the Montréal CMA, the median price of single-family homes stood at $305,000 in March 2017, a 6 per cent increase compared to one year earlier. As for condominiums, the increase was 5 per cent, to reach a median price of $243,232.
    • In contrast, the median price of plexes decreased slightly (-3 per cent) to reach $456,000.

    Number of properties for sale


    The number of residential properties in the Montréal CMA listed on the real estate brokers’ Centris® system (30,285) decreased by 14 per cent in March. While market conditions favour sellers for single-family homes, they favour buyers for condominiums and are balanced for plexes.












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  • 2017 Federal Budget: GMREB Laments Absence of Concrete Measures Regarding Homeownership and the Modernization of the Home Buyers’ Plan (HBP)

    L'Île-des-Sœurs, March 23, 2017 – The Greater Montréal Real Estate Board (GMREB) read the federal budget tabled yesterday by Finance Minister Bill Morneau. The GMREB would have liked to see more concrete commitments regarding tax measures relating to housing, in particular to improve the Home Buyers' Plan (HBP). “We wanted some aspects of the HBP to be modernized,” said Daniel Dagenais, President of the GMREB Board of Directors. “There is no clear commitment from the government regarding the HBP, particularly in terms of an increase in eligible amounts or in terms of using the HBP during significant life changes, as promised in the Liberal Party’s platform for the October 2015 election. In 1992, the maximum eligible amount of $20,000 represented more than 13 per cent of the average property price in Canada, whereas today, the eligible amount of $25,000, increased in 2009, represents barely 5 per cent of the average property price,” he added.

    In addition, the GMREB underscores the lack of measures to encourage first-time buyers who are affected by recent mortgage tightening measures. According to the Québec Federation of Real Estate Boards, approximately 30,000 Centris® transactions can be attributed to first-time buyers every year in Québec. The GMREB stresses that Québec’s homeownership rate still lags far behind that of Canada’s other provinces. The implementation of concrete measures could help to close this gap.

    However, the GMREB welcomes the creation of the inclusive National Housing Strategy and a national database on real estate transactions. Investments to improve the collection and analysis of real estate data and the development of new research methods on real estate will help to differentiate provincial markets and realities for better decision-making.

    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.

    About Centris®

    Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker – more than 90,000 – 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.

  • Montréal Residential Real Estate Market: Solid Performance of High-End Sales in February

    L'Île-des-Sœurs, February 6, 2017 - 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. .

    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.

    Sales 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.

    Prices
    • 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.












    For more information, please visit www.homepriceindex.ca.
  • Good Start to 2017 for Montréal’s Residential Real Estate Market

    L'Île-des-Sœurs, February 6, 2017 - 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, 2,244 residential sales were concluded in January 2017, a 5 per cent increase compared to January of last year. This was the most active month of January since 2012.

    “January’s sales increase can be largely attributed to the number of condominium transactions, which jumped by 21 per cent compared to January of last year,” said Daniel Dagenais, President of the GMREB Board of Directors. “What’s more, condominium sales increased in all geographic areas and in all price ranges,” added Mr. Dagenais.

    Sales by geographic area
    • For all property categories combined, January’s results show an increase in residential sales in the areas of Vaudreuil-Soulanges (+18 per cent), the Island of Montréal (+10 per cent) and the North Shore (+2 per cent).
    • Sales in the areas of Laval and the South Shore were unchanged compared to January of last year.
    Sales by property category
    • Condominium sales in January 2017 were robust, jumping by 21 per cent, while sales of plexes (2 to 5 dwellings) grew by 6 per cent. In contrast, single-family home sales in the Montréal CMA fell slightly by 3 per cent.

    Prices
    • In terms of price growth, single-family homes led the way with a 6 per cent increase in median price ($297,389) across the CMA.
    • The median price of plexes ($460,000) increased by 5 per cent.
    • As for condominiums, their median price was flat as compared to January 2016, with half of all units selling for more than $240,000.
    Number of properties for sale

    The number of properties for sale (28,280 active listings), all property categories combined, dropped by 14 per cent in January across the Montréal CMA. This was the sixteenth consecutive monthly decrease.












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  • Improvement in the Montréal Area Residential Real Estate Market in 2016

    L'Île-des-Sœurs, January 17, 2017 – The Greater Montréal Real Estate Board (GMREB) has released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® s® provincial database. In total, 78,231 sales were concluded in 2016, a 6 per cent increase compared to 2015.

    Click here to see the main statistics for the Montréal Metropolitan Area’s residential real estate market.Here are the highlights for 2016.

    Here are the highlights for 2016.

    Sales

    • All three property categories registered an increase in sales in 2016. Condominiums and plexes (2 to 5 dwellings) registered the largest increases, at 8 per cent and 7 per cent, respectively,while single-family home sales grew by 4 per cent.
    • All five of the main geographic areas posted sales increases: 8 per cent in Vaudreuil-Soulanges, 7 per cent on the South Shore, 6 per cent on the Island of Montréal, 4 per cent on the North Shore and 2 per cent in Laval.
    • It was a very good year for high-end properties, as transactions concluded at more than$500,000 increased by 20 per cent in 2016.


    Prices

    • Price increases in the Montréal CMA were relatively modest in 2016, as the increase in median price of single-family homes did not exceed the 3 per cent mark for a fifth consecutive year.
    • The median price of single-family homes, condominiums and plexes across the CMA stoodrespectively at $295,000 (+2 per cent), $240,000 (+1 per cent) and $460,000 (+3 per cent).
    • Generally speaking, prices rose more steadily on the Island of Montréal. The median price ofsingle-family homes rose by 5 per cent to reach $415,000, while that of condominiums grew by3 per cent to reach $285,000.

    “Due to the increase in sales, combined with the decrease in active listings, market conditions became tighter for all property categories in 2016,” said Daniel Dagenais, President of the Board of Directors of the Greater Montréal Real Estate Board and spokesperson for the Québec Federation of Real Estate Boards (QFREB) for the Montréal area. “Only the condominium market continues to be slightly in buyers’ territory, but the excess supply has been somewhat reabsorbed in recent months so that we’re moving closer to a balanced market,” added Mr. Dagenais.

    Finally, the year ended on a high note, as the number of transactions (8,550) increased by 7 per cent in thefourth quarter.

    A good end to 2016
    • The year 2016 ended on a high note as 16,623 transactions were concluded in Québec in the fourth quarter of the year, a 6 per cent rise compared to the fourth quarter of 2015.
    • The Saguenay and Sherbrooke CMAs particularly stood out at the end of the year, as both of these areas registered an 11 per cent increase in residential sales.