Île-des-Sœurs, December 8, 2009 – There were 3,411 sales in the Montréal Metropolitan Area in November 2009, a 51 per cent increase compared to November 2008, according to the Greater Montréal Real Estate Board's MLS® statistics. These 3,411 transactions were enough to surpass, by 4 per cent, the record-breaking sales levels of November 2007, when 3,276 transactions were registered.
“It’s important to remember that last year – in November 2008 – the Montréal real estate market was feeling the effects of the recession and posted a 31 per cent decrease in sales compared to November 2007,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “So the increase in sales in November 2009 was amplified by the market’s poor performance last year. November 2007 offers a better point of comparison, as it was the best November on record,” he added.
All property categories registered an increase in sales in November 2009 compared to November 2008, and all categories managed to exceed the record-breaking sales levels of 2007. Condominiums led the way with a 55 per cent increase in sales compared to November 2008 and a 12 per cent increase compared to November 2007. Plex sales also grew by 55 per cent compared to 2008, while increasing by 2 per cent compared to November 2007. Finally, single-family homes posted a 49 per cent increase in sales compared to November 2008 and a 1 per cent increase compared to 2007.
In terms of prices, the median price of a single-family home reached $244,000 in November 2009, an 8 per cent increase compared to November 2008, while condominiums and plexes both registered a 7 per cent increase in their median price.
“The market is very active. Now is a good time to sell a property, and it’s also a good time to buy a property as mortgage rates are still low and the inventory of homes for sale is quite extensive, with 21,197 properties on the market in the Montréal area,” said Mr. Beauséjour.