Residential Real Estate Market Upturn is Confirmed in the Montréal Area

L’Île-des-Sœurs, June 5, 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, 4,332 residential sales were concluded in May 2015, a 9 per cent increase compared to May 2014. This was the third consecutive increase in sales and the most active month of May in three years. Click here to watch the May 2015 statistics video. “There has been a clear upturn on the residential real estate market in the past three months, manifested by a steady increase in sales and stronger price growth,” said François Bissonnette, President of the GMREB Board of Directors.

Variation by geographic area 

The Island of Montréal clearly stood out for a second consecutive month, registering a 19 per cent increase in residential sales. “Single-family homes are especially in demand now on the Island of Montréal, as evidenced by the 32 per cent increase in sales in April and the 26 per cent increase in May,” said François Bissonnette.  The areas of Vaudreuil-Soulanges, the North Shore and the South Shore posted respective sales increases of 8 per cent, 5 per cent and 2 per cent.  Only Laval registered a decrease in sales (-3 per cent). Statistics by property category  For a second consecutive month, plexes (2 to 5 dwellings) registered the largest increase in sales at 36 per cent.  Sales of single-family homes rose by 10 per cent.  Sales of condominiums fell slightly (-1 per cent), the first decrease in four months. Prices  Condominiums ($239,000) registered the largest increase in median price (+6 per cent) in the past seven months.  The median price of single-family homes stood at $292,000, an increase of 2 per cent.  The median price of plexes grew by 3 per cent to reach $455,000. Number of properties for sale Although the upward trend continued in May, to the tune of 4 per cent, this was the smallest increase in the number of active listings in more than four years in the Montréal area. 

Matthew Warsh

Matthew Warsh

Real Estate Broker
CENTURY 21 Vision
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