Île-des-Sœurs, August 5, 2010 – Although sales in the Montréal Metropolitan Area decreased by 26 per cent in July 2010 compared to July 2009, year-to-date sales increased by 10 per cent according to the Greater Montréal Real Estate Board's (GMREB) MLS® statistics. Property prices in the Montréal area also continued to increase.
“The real estate market normally slows during the summer months,” said Diane Ménard, Vice-President of the Board of Directors of the GMREB. “The market was busier than usual at the start of the year, as consumers accurately predicted an increase in mortgage rates and bought their property earlier than originally planned,” she added.
Geographically, the South Shore and Laval had the largest decreases in sales, at 31 and 28 per cent, respectively, in July 2010 compared to July 2009. Sales decreased by 22 per cent in the Vaudreuil-Soulanges area, by 23 per cent on the Island of Montréal and by 25 per cent on the North Shore.
In terms of prices, single-family homes, condominiums and plexes all registered an increase in their median price compared to July 2009. In the Montréal area, the median price of single-family homes reached $258,000 (+5 per cent), that of condominiums reached $220,000 (+8 per cent), and that of plexes reached $381,500 (+9 per cent).
“We’re currently in a seller’s market. This explains why prices continue to increase despite the decrease in sales,” said Diane Ménard.
As at July 31, 2010, the number of active listings on the MLS® system decreased by 7 per cent in comparison with the same date last year.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization that brings together most of the real estate brokers and agents who work in the Greater Montréal area. With more than 10,500 members, it is the second largest board in Canada. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives and maintain their predominance in the real estate industry.