The number of real estate transactions in the Greater Montreal region has gone up by 8 % in May of 2009 compared to the same period last year. The data come from the MLS (Multiple Listing Service) system of the Greater Montreal Real Estate Chamber.
It’s the transactions of one-family homes which have gone up most, with a sales increase of 13 %.
« Consumer confidence which has reached its highest level since July of 2008 explains greatly this growth in sales. In May, 55 % of Quebecers found that the present conditions were favourable to buy an important good, such as property, compared to 38 % in April », Michel Beauséjour, CEO of the GMREC has indicated. He added to that: « Three factors influence the real estate market: consumer confidence, interest rates, which are at a historic low, and job creation. »
At the price level, the one-family home and co-ownership have registered an increase of their average price of 3 % in May of 2009 relative to May of 2008. Regarding plexes, the median price has gone up by 2 %.
« This is good news, because not only is the market more active, but prices also continue to go up, which confirms that real estate in Montreal remains a good investment and that has certainly helped consumer confidence to grow », adds Michel Beauséjour.