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Montréal’s Residential Real Estate Market: Growth Continues at a Good Pace in October

L'Île-des-Sœurs, November 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, 3,270 residential sales were concluded in October 2017, a 7 per cent increase compared to October of last year. This was the most active month of October in eight years.

Sales by geographic area
  • All five main areas of the Montréal CMA contributed to October’s increase in sales.
  • The Island of Montréal and Vaudreuil-Soulanges shared the lead, as sales in both these areas grew by 11 per cent compared to October of last year.
  • Laval, the North Shore and the South Shore also held their ground with respective sales increases of 5 per cent, 4 per cent and 2 per cent.
Sales by property category
  • Condominiums set the tone once again, thanks to a 13 per cent sales increase across the CMA in October. This was the sixth consecutive month that condominium sales growth exceeded 10 per cent.
  • Sales of plexes (2 to 5 dwellings) also fared well, with a 9 per cent rise in transactions.
  • Finally, sales of single-family homes grew by 3 per cent.

Prices
  • The median price of single-family homes across the Montréal CMA stood at $320,000 in October, up 5 per cent compared to October 2016.
  • The median price of plexes also rose by 5 per cent to reach $482,500.
  • As for condominiums, the median price stood at $255,000, a 4 per cent increase compared to October of last year.

“The single-family home and plex markets are becoming increasingly favourable to sellers, as selling times for these property categories are falling,” said Mathieu Cousineau, President of the GMREB Board of Directors. “On average, the single-family homes that sold in October were on the market for 78 days, which is 13 fewer days than last October. It took an average of 81 days for a plex to find a buyer, 3 fewer days than October 2016. For condominiums, the average selling time was 103 days – a decrease of 17 days – and market conditions for this property category are now considered balanced,” added Mr. Cousineau.

Number of properties for sale

In October, the number of active listings (25,314) was down 12 per cent compared to October of last year.












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 October 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