Montreal Real Estate Market: Exceptionally busy this summer
August 14, 2009 by Deyanira Bautista
Filed under Montreal Market Report
As the monthly stats keep on coming, I realize now that it was not just me having an extremely busy summer.
Usually, homes sales are slow during the summer months. A lot of agents as well as sellers, take the time off to enjoy their vacations to come back to the market during the fall time.
Well, not this year.
“Even though real estate sales are usually slower during the summer because people are more in holiday mode, this year has been a real exception. July’s real estate market was very active, meaning the market is doing a good job of catching up after a slow start this year,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB.
You can definitely say we had a slow start. On my end, a lot of the transactions didn’t start until April-May and has not stopped just yet. I’m still trying to squeeze in a mini vacation between sales.
Ok, back to the subject: According to the GMREB July stats for 2009, compared to 2008 are the following:
Increase in sales
- Condominiums: 20%
- Houses: 18%
- Plexes: 19%
Prices continue to climb
The median price of single-family homes went from $230,000 in July 2008 to $246,000 in July 2009, an increase of 7 % and plexes increased by 3%. Condo prices remained the same. And let’s hope they stay that way, hard enough to find a good condo downtown for less than 350,000!.
To get the complete report, visit the GMREB website. And if you’re looking for a condo downtown, and need a good agent to represent you, call us, or drop us a line!
To all of you, have a great weekend!
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 
This is good news. But how about the renting market? Giving the existing economic situation and the fact that a minimum 5% down payment is now mandatory is the renting market increasing or stays the same?
Hello Deyanira,
It was not the best idea to take 3 weeks off in July-August…I came back to work a little bit earlier than I thought!
Here in the Gatineau area, the market is very active too!
We don't have to take some bad technics like I show in my blog (http://blogue-immobilier.com/lagent-immobilier-tr...
Congratulation for the quality of your blog!
Nice to hear that the Montreal market is doing so well. Hopefully the Calgary Real Estate market will follow suit!
Good blog site. I have had several buyers/investors from your city and I enjoy reading your blog to improve my knowledge of the area.
I noticed that also whilst back in my home town of Montreal.. Ive been based in Asia for a few years now and the financial crisis has truly affected the are in regards to expats buying.. but and a big but is that my home town of Montreal is having a mini boom and Im thinking of coming back home to work… Thanks for this article as it cements my plans.. regards John.
The renting market is still pretty good. However, same as the resale market, the prices must stay competitive to the other rentals otherwise it will be vacant for a while. New trend: Furnished condos for short term rental…for those how have the means and the time to do it :)
Oh my god, that video is wayyy to funny!!
I'm gonna share it with my readers here, if you don't mind. Thanks for the link!!
Indeed we're staying pretty busy. I thought Calgary R.E didn't get a big drop…I guess I thought wrong. Its hard to keep an eye in all the provinces. Hopefully it will recover soon
Thanks Derek. Keep an eye on the monthly stats as well, they are very useful too
Hi John, If you are coming back for sure it will be a good idea to invest. Just make sure you aren't been tranfered back again…maintaining an income property while you're abroad can be a pain in the neck.
Nice article Deyanira and great offer in summer of houses. i really needed this types of blog, i tell our relatives who required houses in summer and in good packages.
Regards Group369
Yes i totally agree with you. I was also thinking that market would be down due to bad economy and thus decided that i should buy a condo but when i surveyed i came to know that it have again picked up.