Montréal Real Estate Market Continues to Favour Sellers
November 14, 2008 by Deyanira Bautista
Filed under Montreal Market Report
According to the Greater Montréal Real Estate Board’s MLS® system, there were 36,955 transactions from last year until now. 4% less sales compared to last year.
In terms of property prices in the Metropolitan Area of Montréal, the median prices of single-family homes and plexes increased by 6% compared to the same period last year, condominium prices increased by 3%.
Compared to the first 10 months of 2007, condo sales grew by 5% in the Montréal Metropolitan Area. On the other hand, sales of single-family homes decreased by 7%, and plex sales decreased by 5%.
“The median price of a single-family home grew last month by 4 per cent, increasing from $220,000 in October 2007 to $228,000 in October 2008. The plex market retained a stable median price at $329,250, while that of condominiums fell slightly by 1 per cent. This decrease can be explained by the minor decline in median prices of condominiums on the Island of Montréal, the largest condominium market.
October’s resale market continues to favour sellers, despite a 9 per cent increase in the number of active listings in the MLS® system.”
Source: Montreal Real Estate Board
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Posted by: Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889 
Hello, that’s a good post, I agree with most of what you are saying. Do you think that this will have a postive effect on our marketplace over the next few months?
Thanks again and all the best!
Mark
Hi Mark,
Nice to have you here.
For sure, we’re still hoping that the sales will pick up on the next few months. Right now, as usual for this time of the year, the sales are very slow. The prices are not dropping, however. With the news on mortgage rate cuts, it will stimulate the new buyers and (hopefully) we can expect a more active market.
Thanks for passing by!
Deya