Montreal Real Estate Board Report: February 2008

Residential Resales Pick Up in February Thanks to the Condominium

The Greater Montreal Real Estate Board (GMREB) indicated that property sales for all categories recorded a 3% increase in February 2008, according to MLS® system data, compared to the same period in 2007. Condominiums set the tone with an 18% increase in transactions.

MLS® Residential Statistics Montréal Metropolitan Area - February 2008
		Variation
Active listings New listings Total sales Single-family Condominiums Plex (2 to 5 dwellings) Volume of sales Median price Single-family Condominiums Plex (2 to 5 dwellings)	25,177 7,913 4,500 2,783 1,269 409 $1,102,172,663 $220,000 $177,000 $330,000	-3 % +6 % +3 % -2 % +18 % -6 % +8 % +8 % +4 % +6 %

“After being put to the test in January, the confidence of consumers in Quebec in February reached a level almost equivalent to the one recorded in 2007. The short term decrease of interest rates definitely encouraged this renewal of confidence and is excellent news for the real estate market,” says Michel Beausejour, FCA, Chief Executive Officer of the GMREB.

For the Montreal Metropolitan Region, 4,500 transactions were registered in the GMREB’s MLS® system for February 2008, a 3% increase when compared to the 4,379 sales in February 2007. Sales of single-family homes showed a slight decrease (-2%), and so did plexes (-6%).

On the geographic level, the Island of Montreal registered the best performance with a 9% rise of transactions in February. The South Shore and Vaudreuil-Soulanges followed close behind with respective increases of 5% and 4%. However, in the northern suburbs, the resale market was less active than last year with a 4% decrease in Laval and 6% on the North Shore.

On February 29, 2008, the number of active listings was declining by 3% when compared to the same date in 2007, with 25,177 properties for sale in the MLS® system.

Source: Greater Montréal Real Estate Board by Centris™

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