Île-des-Soeurs, July 13, 2011 – There were 3,501 MLS® sales transactions in the Montréal Metropolitan Area in June 2011, a 5 per cent increase compared to June 2010, according to the Greater Montréal Real Estate Board (GMREB). This was the first increase in sales in the region in 14 months.
"The increase in sales in June is encouraging news but it must be interpreted with caution as we are comparing June 2011 results with those of June 2010, when sales had decreased by 20 per cent," said Diane Ménard, Vice-President of the GMREB Board of Directors. "With this increase, sales in the Montréal area are approaching the levels that were seen in June 2007 and 2008, two prosperous years for the real estate market," she added.
All property categories recorded an increase in sales in June 2011 in the Montréal area. Once again, condominiums led the way with a 12 per cent increase compared to June 2010, while sales of single-family homes grew by 1 per cent and that of plexes by 3 per cent.
Geographically, the Island of Montréal stood out with a 12 per cent increase in sales compared to June of last year. Condominiums led the way, as sales of this property category grew by 17 per cent. Sales were also up in Vaudreuil-Soulanges and on the North Shore, with respective increases of 5 and 3 per cent compared to June 2010. Sales on the South Shore and in Laval fell by 2 and 5 per cent respectively.
As for prices, half of all single-family homes sold in the Montréal area in June 2011 sold at a price higher than $275,000, a 6 per cent increase compared to the same period last year. The median price of plexes also increased by 6 per cent to reach $409,000, while that of condominiums grew by 5 per cent to reach $223,750.
As at June 30, 2011, the number of active listings on the MLS® system increased by 19 per cent in comparison with the same date last year.
Source:Greater Montreal Real Estate Board.