GMREB: First Drop in Sales in 15 Months - Median price of single-family homes in the Montréal CMA still increased by 4 per cent

Île-des-Sœurs, September 10, 2012 – According to the Québec real estate brokers’ provincial database, sales in the Montréal Census Metropolitan Area (CMA) decreased by 7 per cent in August 2012 compared to August 2011, with 2,323 transactions, said the Greater Montréal Real Estate Board (GMREB).

“It could be that the effects of the federal government’s tightened mortgage rules, the most recent of which came into force this past July, are starting to be felt,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “However, it’s too early to make this conclusion and we’ll have to see if this trend continues in coming months. Elsewhere in Canada, MLS® sales fell by 12.4% in Toronto and by 30.7% in Vancouver, where homeownership is more difficult than in Québec,” she added.

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Marlene Ofter

Marlene Ofter

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