According to the data of the MLS (Multiple Listing System) service from the Greater Montreal Real Estate Chamber (GMREC) residential sales in the metropolitan region have strongly diminished, by 31 % last month, if one compares with the same period in 2007. One notices thus a decrease of 6 % also for the first 11 months of the year 2008 relative to the same period last year. On the other hand, the average price for one-family houses has increased by 6 % between January and November of 2008.
Michel Beauséjour, FCA, Executive Director of the GMREC has said: «The Montreal Real Estate Market has done rather well this year, especially when one considers that the prices are growing and that sales are comparable to those of 2007, a year in which all sales records were beaten. This being said, the Montreal market remains a good investment, particularly when one compares to other large Canadian cities like Toronto, Calgary and Vancouver where sales of one-family homes have decreased by 37 % since the beginning of the year, whereas here they have gone down only by 9 % ».
He has added to that: «Visibly, Montreal is not immune to the economic uncertainty that consumers face today. Three variables influence the real estate market: interest rates, job creation and consumer confidence. Consumer confidence has diminished substantially in the course of the last two months and one notices diminishing employment opportunities in Montreal ».
At the sales level, only co-property sales have increased since the beginning of the year, with an increase of 2 % in comparison to the same period in 2007. Sales of one-family homes have diminished by 9 % and those of duplexes or triplexes by 8 %.