GMREB: Condominium Sales Took the Lead in July 2011

Île-des-Sœurs, August 10, 2011  – MLS ® sales in the Montréal Metropolitan Area increased by 6 per cent in July 2011 compared to July 2010, according to the Greater Montréal Real Estate Board (GMREB). This second consecutive increase in sales in the Montréal area was mainly due to the vitality of condominium sales, which increased by 19 per cent in July.

“Condominiums continued to be extremely popular in the Greater Montréal area,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “Condominium sales in the Montréal area represented 77 per cent of all condominium transactions across the province in July, showing that it is primarily an urban phenomenon. Condominium sales in the Montréal area clearly surpassed sales of other property categories, as single-family home sales remained stable and plex sales increased by 6 per cent in July,” she added.

Condominium sales increased significantly in all areas of Greater Montréal in July 2011. The Island of Montréal, where condominiums represent close to 50 per cent of the market, posted the largest increase, at 23 per cent, compared to last year. The North Shore followed closely with a 22 per cent increase in condominium sales. Finally, the number of condominiums sold in Laval and on the South Shore increased by 15 and 11 per cent, respectively.

As for prices, increases were registered for all three property categories. The median price of single-family homes reached $275,000 in the Montréal area, a 7 per cent increase compared to last July. The median price of condominiums increased by 5 per cent in July 2011 to reach $232,000, while that of plexes grew by 6 per cent to reach $407,000.

As at July 31, 2011, 22,826 listings were active on the MLS ® system, an 18 per cent increase in comparison with the same date last year.

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Marlene Ofter

Marlene Ofter

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