GMREB:Slow Start to the Montréal Area Real Estate Market

Île-des-Sœurs, February 9, 2011 – There were 2,477 MLS® sales transactions in the Montréal Metropolitan Area in January 2011, a 10 per cent decrease compared to January 2010, according to the Greater Montréal Real Estate Board (GMREB). Despite a decrease in sales, prices continued their upward trend.

“It’s important to remember that in 2010, the year started off strong due to the anticipated increase in mortgage interest rates. In that way, it’s no surprise that January 2011 sales are down compared to January 2010,” said Diane Ménard, Vice President of the GMREB Board of Directors. “We’re predicting a slight decrease in residential sales in 2011, which is even more reason we’re not surprised by January’s sales,” she added.

In terms of prices, they continued to increase in January 2011. Both single-family homes and plexes registered a 7 per cent increase in median price, reaching $252,000 and $390,000, respectively. The median price of condominiums posted a more modest increase of 4 per cent to reach $210,000.

“When we look at property prices elsewhere in Canada, we see that Montréal is still one of the country’s most affordable large cities. For example, in Calgary, a city that also publishes median prices, the median price of single-family homes was $390,000, which is 55 per cent higher than Montréal’s median price of $252,000,” said Ms. Ménard.

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Marlene Ofter

Marlene Ofter

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