GMREB news: Condominium Sales Pick Up in May

Île-des-Sœurs, June 8, 2011 – Île-des-Sœurs, June 8, 2011 – There were 4,186 MLS® sales transactions in the Montréal Metropolitan Area in May 2011, a 4 per cent decrease compared to May 2010, according to the Greater Montréal Real Estate Board (GMREB). Despite this slight decrease in real estate activity, condominium sales actually increased by 4 per cent in May.

“The growing popularity of condominiums that we’ve seen in recent years is an urban phenomenon, and Montréal is no exception to this new market reality,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “Its popularity can be explained in part by the fact that many first-time buyers choose this property category due to its affordability. And because spring is a very active time for first-time buyers, it is not surprising that condominiums perform well at this time of year,” she added.

Sales of single-family homes and plexes in the Montréal area decreased in May 2011, posting respective drops of 8 and 9 per cent compared to May of last year.

Geographically, condominiums stood out once again. While sales decreased by 5 per cent on the Island of Montréal, condominium sales increased by 6 per cent. The central areas of the Island were particularly active: condominium sales increased by 29 per cent in Rosemont/Villeray, by 21 per cent in Le Plateau and by 16 per cent in the South-West of the Island. In Laval, residential sales decreased by 14 per cent, but condominium sales remained stable. On the South Shore and North Shore, condominium sales increased by 1 and 6 per cent, respectively, while residential sales fell by 2 and 1 per cent, respectively.

In terms of prices, the median price of condominiums reached $220,739 in the Montréal area, a 7 per cent increase compared to May of last year. The median price of single-family homes increased by 4 per cent to reach $266,500, while that of plexes remained stable at $390,000.

“The popularity of condominiums was reflected in the price increases, as this property category posted the largest increase in May. As for single-family homes and plexes, the increases were more moderate, as we anticipated,” said Diane Ménard.

As at May 31, 2011, the number of active listings on the MLS® system increased by 19 per cent in comparison with the same date last year.

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Marlene Ofter

Marlene Ofter

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