Montréal Area Residential Real Estate Market: March was the Most Active Month in Two Years

 

Île-des-Soeurs, April 8, 2015 – The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® provincial database. In total, 4,495 residential sales were concluded in March 2015, representing a 6 per cent increase compared to March 2014 and the most active month of the past two years. Click here to watch the March 2015 statistics video.

 

"The effects of the recent decreases in mortgage rates were finally felt on the real estate market, as many consumers were convinced that this is an opportune time to buy a property," said Diane Ménard, Vice-President of the GMREB Board of Directors.

 

 

 

 

Geographically, all of the main areas of the Montréal CMA registered an increase in sales in March 2015 except for the North Shore. The South Shore stood out with a 17 per cent increase in sales compared to March of last year, and the Island of Montréal also turned in a solid performance as sales rose by 7 per cent. The areas of Laval and Vaudreuil-Soulanges both registered a sales increase of 2 per cent compared to March 2014. On the North Shore, the decrease in sales was at 5 per cent.

By property category, sales of condominiums and single-family homes throughout the CMA both increased by 7 per cent in March. Plex sales moved in the opposite direction, with 7 per cent fewer transactions compared to March of last year.

In terms of prices across the CMA, the median price of single-family homes rose by 2 per cent compared to March 2014 to reach $285,000, while the median price of condominiums ($235,000) and plexes ($445,000) registered an identical increase of 4 per cent.

 

Finally, the number of active listings on the real estate brokers’ Centris® system continued its upward trend, as in March 2015, there were 5 per cent more properties for sale than a year earlier in the metropolitan area.

 

 

 

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