GMREB: Residential Real Estate Market: Sales Decrease and Prices Increase in November

Île-des-Sœurs, December 10, 2012 – According to the real estate brokers’ Centris® provincial database, there were 2,632 residential transactions in the Montréal Census Metropolitan Area (CMA) in November 2012, a 19 per cent decrease compared to November 2011, said the Greater Montréal Real Estate Board (GMREB). However, the median price for all three property categories increased over the same period.

All property categories registered a decrease in sales in November 2012 compared to November 2011. Sales of single-family homes fell by 18 per cent, while condominium and plex sales both decreased by 20 per cent.

“The decrease in single-family home sales affected all price ranges,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “The decrease in condominium sales was most evident in the $100,000 to $200,000 price range, while sales actually increased for condominiums priced at $500,000 or more,” she added.

The decrease in residential sales in November 2012 extended to all of the Montréal CMA’s main areas. Compared to November 2011, sales fell by 15 per cent in Laval, by 17 per cent in Montréal and on the North Shore, by 25 per cent on the South Shore, and by 29 per cent in Vaudreuil-Soulanges.

In terms of prices, the median price of single-family homes increased by 3 per cent in the Montréal CMA in November 2012, reaching $277,000. The South Shore ($265,000) stood out with a 5 per cent increase in the median price of single-family homes, followed by the Island of Montréal ($383,000), Vaudreuil-Soulanges ($265,000) and the North Shore ($233,000), which all registered an increase of 1 per cent. Finally, Laval ($282,550) posted a 1 per cent decrease in the median price of single-family homes.

As at November 30, 2012, the number of active listings on the real estate brokers’ provincial database increased by 10 per cent in comparison with the same date last year.

“The increase in active listings was more pronounced for condominiums,” said Paul Cardinal, Market Analysis Manager at the Québec Federation of Real Estate Boards. “In the past year, the number of condominiums for sale was up 23 per cent, while single-family homes and plexes registered respective increases of 2 and 6 per cent. Market conditions were therefore more relaxed for condominium buyers,” he added.

Source GMREB

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