GMREB: March 2010: A New Sales Record in the Montréal Area

Île-des-Sœurs, April 9, 2010 – March 2010 real estate sales in the Montréal Metropolitan Area broke the last record by 12 per cent, which was set in March 2007, according to the Greater Montréal Real Estate Board's MLS® statistics.

Residential sales in the Montréal area increased by 38 per cent compared to March 2009, which was a recession month. Sales increased by 21 per cent compared to March 2008, prior to the start of the recession.

In March 2010, all property categories surpassed March 2008 sales levels. Plexes led the way with a 34 per cent increase in sales, while single-family home and condominium sales increased by 21 and 17 per cent, respectively.

“We believe that first-time buyers are very active in the market right now, as evidenced by our most recent survey,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “The survey results showed that 43 per cent of people considering buying a property over the next 12 months are currently renting, so it’s no surprise that so many renters are active on the market right now. Positive economic conditions and low interest rates have definitely encouraged tenants to become owners. Some consumers may have even decided to buy a little earlier than expected due to some talk surrounding the possible increase in mortgage rates this summer,” he added.

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Marlene Ofter

Marlene Ofter

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