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Real estate goes well in Montreal: a second consecutive rise of sales in June

Real estate goes well in Montreal: a second consecutive rise of sales in June

According to data of the MLS (Multiple Listing System) system, the Greater Montreal Real Estate Chamber (GMREC) indicated that the number of transactions concluded in June 2009 has increased by 14% in comparison with the same period in 2008. This is a second consecutive monthly rise in transactions and properties have also progressed on the level of the median price by about 4%.

Which makes Michel Beauséjour, CEO of the GMREC say : “In spite of the current economic context, the Montreal real estate market remains vigorous. Sales are up for a second consecutive month and prices did not stop climbing. This stability of the resale market in Montreal is good news for the consumers and for the Quebec economy.”

The increase in sales in June of 2009 touches all categories of property, compared to the same month last year. It is the one-family residence that has known the most important rise, a growth of 16% with 2.524 transactions, and in particular on the island of Montreal (+ 24%).Sales of joint ownerships has seen a progression of 10% and those of the -plexes, an increase of 12%.

The median prices have also increased. The one-family home saw its median price go up by 4% in June of 2009 if one compares with the same month in 2008, to establish itself at 240.000 $. The rise is more important on the island of Montreal (+ 9% with a median price of 320.000 $). The median price of joint ownership has remained stable however, while one has recorded a progression of 5% for the -plexes.

Real estate thus remains still a good investment in Montreal, according to the direction of the GMREC.

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Québec Landlords Association (1)

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