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Activity on the Montréal Real Estate Market Holds Strong in April 2010

Activity on the Montréal Real Estate Market Holds Strong in April 2010

There were 5,513 sales transactions in the Montréal Metropolitan Area in April 2010, a 16 per cent increase compared to April 2009, according to the Greater Montréal Real Estate Board's MLS® statistics.

“At this time last year, the Montréal real estate market was still feeling the effects of the recession, but was showing signs of recovery. Sales were down by only 6 per cent compared to April 2008,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “With a 16 per cent increase in sales this April, the Montréal real estate market is now very active, which can be explained by positive economic conditions. Consumer confidence in the economy is strong, job creation is improving in the Montréal region and mortgage rates are still low,” he added.

All property categories registered an increase in sales in April 2010 compared to April 2009. Plexes led the way with a 28 per cent increase in sales, followed by condominiums and single-family homes with increases of 18 and 12 per cent, respectively.

Geographically, the five main areas in the Montréal region surpassed the sales levels reached in April 2009. Laval and the Island of Montréal were the most active areas, with respective sales increases of 27 and 21 per cent. Vaudreuil-Soulanges followed closely with an 18 per cent increase, while sales on the North Shore and South Shore increased by 14 and 4 per cent, respectively.

In terms of prices, the median price of single-family homes in the Montréal area increased from $230,000 in April 2009 to $250,000 in April 2010, a 9 per cent increase. The median price of condominiums increased by 10 per cent to reach $210,000, while that of plexes increased by 9 per cent, to reach $375,000.

“Montréal’s real estate is still the most affordable compared to other large cities in Canada, despite the increase in property prices. This increase can be explained by a decrease in the supply of properties for sale. On April 30, 2010, the number of active listings was down 20 per cent compared to the same date last year,” said Michel Beauséjour. He added, “On the other hand, the good news for buyers is that there are more new listings on the market, an increase of 4 per cent in April for example, so buyers still have choice.” 

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Québec Landlords Association (1)

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