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September: Another Month of Growth for Montréal’s Residential Real Estate Market

L'Île-des-Sœurs, October 5, 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, 2,893 residential sales were concluded in September 2017, a 6 per cent increase compared to September of last year. This was the most active month of September in eight years.

Sales by geographic area
  • Four of the five main areas of the Montréal CMA registered an increase in sales in September. Laval led the way by far, with a 17 per cent jump in sales.
  • Vaudreuil-Soulanges, the South Shore and the Island of Montréal also posted sales increases in September, at 10 per cent, 7 per cent and 5 per cent, respectively.
  • Only the North Shore registered a drop in sales, as transactions fell by 1 per cent compared to September of last year.
Sales by property category
  • Condominiums turned in a solid performance once again, as sales of this property category rose by 11 per cent across the Montréal CMA as compared to September of last year. There was a significant jump (+49 per cent) in condo sales in Laval.
  • However, it is plexes that stole the show in September with a 23 per cent increase in transactions across the CMA.
  • In contrast, sales of single-family homes registered a slight decrease, as the number of transactions fell slightly by 1 per cent in September. This was the first time in five months that single-family home sales decreased in the Montréal CMA.

Prices
  • The median price of single-family homes in the Montréal CMA grew by 5 per cent compared to September of last year to reach $318,000.
  • The median price of plexes also increased by 5 per cent, reaching $475,500.
  • Price growth was more timid for condominiums, as their median price increased by 1 per cent to reach $253,000.

“The condominium market continues to hold strong in the Montréal area. Sales have been growing steadily for several months, supply is decreasing and selling times are clearly down,” said Mathieu Cousineau, President of the GMREB Board of Directors. “In September 2017, the number of months of inventory for condominiums stood at 10, signaling the return to a balanced market. For a little more than four years, there was a surplus of condominiums on the resale market and inventory had reached a new peak of 15 monts exactly two years ago. The turnaround has therefore been quite impressive,” added Mr. Cousineau.

Number of properties for sale

The supply of residential properties for sale in the Montréal CMA listed on the real estate brokers’ Centris® system (25,288) fell for a 24th consecutive month. In September 2017, the number of active listings was down 12 per cent compared to September 2016.












For more information, please visit www.homepriceindex.ca.

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 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 under the same address. Société Centris® provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris® also manages the collaboration system used by more than 13,000 real estate brokers in Québec.

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For September 2017 statistics charts, click here.

For year-to-date statistics charts, click here.

Source: 
Manon Stébenne
Manager, Communications and Public Relations
Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 157
manon.stebenne@gmreb.qc.ca

For further information: 
Nathalie Rochette
Assistant Manager, Communications and Public Relations
Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 238
nathalie.rochette@gmreb.qc.ca