MLS® Sales: Record-Setting Month of May for Condominiums

Greater Montreal Real Estate Board



Greater Montreal Real Estate Board

June 07, 2012 09:00 ET

MLS® Sales: Record-Setting Month of May for Condominiums

 

MLS® Residential Statistics for the Montreal Metropolitan Area

 

ÎLE-DES-SOEURS, QUEBEC--(Marketwire - June 7, 2012) - Residential MLS® sales in the Montréal Census Metropolitan Area (CMA) increased by 13 per cent in May 2012 compared to May 2011, with a total of 4,711 transactions, according to the Greater Montréal Real Estate Board (GMREB). The increase in sales was particularly strong for condominiums, as the 1,484 condominium transactions in May 2012 represent a 14 per cent increase compared to May of last year.

"May 2012 was more than a great month for condominiums; it set an all-time record for the month of May," said Diane Ménard, Vice-President of the GMREB Board of Directors. "This increase in condominium sales is particularly significant, as it was the only property category to register an increase in sales in May 2011. We can see that condominiums continue to gain in popularity in the Montréal Metropolitan Area," she added.

Sales of single-family homes also increased by 14 per cent in May 2012 compared to May 2011, while plex sales grew by 8 per cent, confirming that the real estate market in the Montréal Metropolitan Area remains strong.

MLS®Residential Statistics
Montréal Metropolitan Area
May 2012 versus May 2011
  Variation
Active listings 27,977 8%
New listings 6,901 3%
Total sales 4,711 13%
  Single-family 2,763 14%
  Condominiums 1,484 14%
  Plexes (2 to 5 dwellings) 457 8%
Volume of sales $1,509,199,084 17%
Median price    
  Single-family $275,000 3%
  Condominiums $227,000 3%
  Plexes (2 to 5 dwellings) $420,000 8%
Source: Greater Montréal Real Estate Board by Centris®

Of the five main regions of the Montréal CMA, Laval posted the largest increase in sales at 21 per cent. This was followed by the North Shore and the South Shore with respective increases of 15 and 13 per cent, while sales on the Island of Montréal and in Vaudreuil-Soulanges grew by 11 per cent. This was the largest sales increase for a month of May in Vaudreuil-Soulanges in 12 years.

All three property categories registered an increase in median price in May 2012. The median price of single-family homes grew by 3 per cent to reach $275,000, that of condominiums also grew by 3 per cent to reach $227,000, while that of plexes increased by 8 per cent, reaching $420,000.

As at May 31, 2012, the number of active listings on the MLS® system increased by 8 per cent in comparison with the same date last year.

The MLS® Home Price Index

Here is the MLS® HPI data for March 2012:

Montréal Metropolitan Area
May 2012
January 2005 = 100 Composite HPI Annual Change
Montréal Metropolitan Area 151.3 2.2%
Island of Montréal 153.2 3.4%
Laval 154.8 4.1%
North Shore 147.5 0.5%
South Shore 151.4 0.5%
Vaudreuil-Soulanges 145.2 4.5%

For more information, please visit www.homepriceindex.ca.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 10,000 members: real estate brokers. It is the second largest board in Canada and its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.

For May 2012 statistics charts, click here (http://communications.centris.ca/Tableaux/2012/Tableaux_Communiques_CIGM_2012M05ENG.pdf).

For year-to-date statistics charts, click here (http://communications.centris.ca/Tableaux/2012/Tableaux_Communiques_CIGM_2012M05cum_ENG.pdf).

Seber Chuang

Seber Chuang

Real Estate Broker
CENTURY 21 Vision
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