Escalation in House Sales for January 2010
According to the Statistics or the Greater Montreal Real Estate Board, 2,784 transactions were concluded in the Montreal area in January 2010, which represents a growth of 70% compared to January 2009. Condominiums registered the greatest growth, a whopping 98% higher than in January 2009. According to Michel Beauséjour, GMREB’s Chief Executive Officer, this growth is mainly due to first-time buyers.
Sales of single-family dwellings rose by 60% in January 2010 compared to January 2009, while sales of plexes rose by 57%.
In January 2010, the median price of condominiums rose by 12%, single-family dwellings by 4% and plexes by 7% compared to January 2009.
It is obvious that, as far as the real estate market is concerned, we can no longer speak of being in a recession. If the number of sales continues to escalate in the months to come, 2010 will be a very good year!
Posted by Francesco Mercurio
on February 18, 2010