The number of real estate transactions in the metropolitan region of Montreal has witnessed its biggest monthly growth of the last 11 months, according to data made public by the Greater Montreal Real Estate Board. The figures come from the MLS (Multiple Listing Service) system.
This is an increase of 13 %, in September of 2008, compared to September of 2007. Compared to the beginning of the year, however, one has registered a slow decrease of 2 % compared to the same period last year. In this resale market, one has registered 3 060 transactions in September of 2008.
Michel Beauséjour, FCA, and Executive Director of the Greater Montreal Real Estate Board (GMREB) has said: « We are lucky that in Canada, the real estate industry is not facing the same situation as in the United States. Here, the real estate market is healthier than the one of our neighbours to the south because the mortgage market is stricter and more prudent here, especially as far as the rules to obtain a mortgage are concerned ».
When one verifies in detail the increasing number of transactions, one notices that it are the condominiums which have known the strongest growth, with 25 % more growth in September of 2008 compared to September of 2007. As far as the ‘plexes’ (2 to 5 apartments) are concerned, the number of sales has increased by 16 % for the same periods compared.
The average price has also increased. In the case of individual homes, one has noticed an increase of 5 % in September of 2008, if one compares with the same period of last year, to obtain an average price of 230 000 $. Condominiums have known an increase in their average price of 4 % in order to stabilize at 186 500 $; whereas for ‘plexes’ (2 to 5 apartments), the average price is now 335 000 $, i.e. an increase of 6 % (September 2008 versus September 2007).