Residential Real Estate Market Remained Stable in the Montreal Area in November

Île-des-Sœurs, December 9, 2013 – The Greater Montréal Real Estate Board (GMREB) today released its residential sales statistics for the Montréal Census Metropolitan Area (CMA). According to the real estate brokers’ Centris® provincial database, 2,629 residential sales transactions were concluded in November 2013, a 1 per cent increase compared to November of last year.

“Single-family home sales registered solid results in November, thanks to increases in the suburbs, particularly on the South Shore and in Vaudreuil-Soulanges which posted respective increases of 14 and 21 per cent,” said Diane Ménard, Vice-President of the GMREB Board of Directors.

In contrast, both condominiums and plexes registered a decrease in sales, particularly plexes, which posted a 10 per cent drop in sales compared to last November.

The only areas that registered an increase in sales in November 2013 were the South Shore and Vaudreuil-Soulanges, at 13 per cent and 17 per cent, respectively.

The median price of single-family homes across the CMA rose by 1 per cent in November 2013 to reach $278,000. It remained stable on the South Shore and in Vaudreuil-Soulanges, increased by 3 per cent in Laval and on the North Shore, and fell by 5 per cent on the Island of Montréal. As for the median price of condominiums, it registered a 3 per cent decrease in November, reaching $233,000.

Market conditions for single-family homes remained balanced across the CMA. Vaudreuil-Soulanges was the only area where the single-family home market gave buyers an advantage, while sellers still had the upper hand only in Laval.

As at November 30, 2013, there were 30,955 active listings in the Centris® system, up 9 per cent compared to the same period last year and the 39th consecutive monthly increase.

Note that, as has been the case since January 2012, condominiums once again registered the largest increase in active listings. However, November’s increase of 13 per cent is slightly smaller than that observed last month.

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Nina Paluch

Nina Paluch

Real Estate Broker
CENTURY 21 Unic
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