Sales Increase for the First Time in Seven Months

Île-des-Sœurs, June 16, 2009 MLS® sales in the Montréal Metropolitan Area increased by 8 per cent in May 2009 compared to May 2008, with single-family homes leading the way at 13 per cent, reported the Greater Montréal Real Estate Board. Property prices also continued their upward trend, as the median price of a single-family home grew by 3 per cent.

"Consumer confidence, which is at its highest level since July 2008, largely explains this increase in sales," said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. "In May, 55 per cent of Québecers said that now is a good time to make a major purchase, such as a property, compared to 38 per cent in April. There are three factors that affect the real estate market - consumer confidence, interest rates, which are at historically low levels, and job creation," he added.

All property categories registered an increase in sales in May 2009 compared to May 2008. Single-family homes delivered the strongest performance with 2,959 transactions, an increase of 13 per ent. Plex sales grew by 3 per cent and condominium sales by 2 per cent.

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Marlene Ofter

Marlene Ofter

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