Prices Increase, MLS® Sales Decrease in October

Île-des-Sœurs, November 9, 2010 – There were 2,839 sales transactions in the Montréal Metropolitan Area in October 2010, a 19 per cent decrease compared to October 2009. On a year-to-date basis, sales have increased by 3 per cent compared to the first ten months of last year.

“After posting record sales levels in October 2009, it’s normal that the Montréal real estate market was less active this October,” said Diane Ménard, Vice-President of the Board of Directors of the GMREB. “Furthermore, 2009 and 2010 were very different years on the real estate market: 2009 began with a significant decrease in sales due to the recession and ended with record-high sales. Conversely, 2010 started off strong with record-breaking months but sales have returned to their usual levels,” she added.

Property prices in the Montréal area continued to increase in October 2010. The median price of single-family homes increased by 8 per cent compared to October 2009, reaching $260,000. The median price of condominiums increased by 12 per cent to reach $218,000, while that of plexes increased by 9 per cent to reach $380,000.

“Market conditions continued to favour sellers, which explains why property prices continued to increase in the Montréal area,” said Ms. Ménard. “Consumers are still buying real estate, as price increases indicate that buying a property is still a solid investment. Moreover, Montréal is one of the most affordable cities in Canada,” she added.

In terms of sales by property category, condominiums fared best, posting a 14 per cent decrease compared to October 2009. Sales of single-family homes decreased by 21 per cent and that of plexes fell by 26 per cent.

Geographically, the North Shore, Vaudreuil-Soulanges and the Island of Montréal posted similar decreases in sales at 14, 15 and 16 per cent, respectively. The South Shore and Laval posted larger decreases, at 24 and 31 per cent, respectively.

 

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Amir Sam

Amir Sam

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