The number of transactions concluded in the metropolitan region of Montreal in December 2008 has diminished by 29 % compared to the same period in 2007. On the other hand, the real estate market of this region has performed well in 2008, with almost 41 000 transactions, a decrease of 7 % relative to the year 2007.
« Consumer confidence, which is a key factor for a vigorous real estate market, has been affected recently because of the constant bombardment with news about the shaky economy. Nevertheless, Montrealers should be encouraged by the overall results of 2008, finishing second in the series of years most active on the real estate market in Montreal as far as sales are concerned. Moreover, it is important to note that the results of our recent poll on the buying and selling intentions indicate to us that buying intentions are similar to last year », said Michel Beauséjour, CEO of the Greater Montreal Real Estate Board, which recently made these figures public.
The GMREB mentions that it is interesting to notice that prices have continued to increase in 2008, and, if one compares with the markets of Vancouver, Calgary or Toronto, where sales prices have fallen in a spectacular way, one can still appreciate our Montreal market.
The condo-market has done better in 2008 with almost the same number of transactions as in 2007, which had been a record year. Sales of one-family homes have diminished with 10 % and those of du-or triplexes by 9 % compared to 2007. The total number of registrations has however been over 7 % compared to the one of last year.
As far as buying intentions are concerned (according to a poll commissioned by the GMREB), 5% of the households questioned from the Greater Metropolitan area of Montreal have shown such an intention in 2009, which is the same proportion as in 2008.