Montréal Area Residential Real Estate Market: Largest Increase in Sales in Almost Three Years
Île-des-Sœurs, May 6, 2015 -The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris®provincial database. In total, 4,680 residential sales were concluded in April 2015, a 12 per cent increase compared to April 2014. This was the most active month of April since 2012 and the largest increase in sales in 35 months.
“The real estate market is currently benefiting from historically low financing rates as well as a boost in employment in the Montréal Metropolitan Area,” said François Bissonnette, President of the GMREB Board of Directors.
Variation by geographic area
All of the CMA’s main areas registered an increase in sales in April 2015 compared to April 2014:
- The Island of Montréal posted a 19 per cent increase in sales;
- The North Shore, the South Shore, Laval and Vaudreuil-Soulanges registered respective increases of 10, 9, 8 and 2 per cent.
Statistics by property category
- Plexes with 2 to 5 dwellings registered the largest increase in sales (+15 per cent);
- Single-family home sales jumped by 14 per cent;
- Condominium sales rose by 9 per cent.
All property categories registered an increase in April:
- The median price of single-family homes grew by 2 per cent compared to April of last year to reach $289,000;
- The median price of condominiums and plexes both increased by 3 per cent to reach $231,950 and $441,750, respectively.
Although the upward trend continued, to the tune of 4 per cent in April, this was the smallest increase in the number of active listings in more than four years in the Montréal area.