Montréal Resale Market Trends
July 10, 2008 by Montreal Real Estate Blog
Filed under Montreal Market Report
According to the MLS® system data, the resale market in the Montréal Metropolitan Area is bucking the trend in comparison with other large Canadian cities, says the Greater Montréal Real Estate Board’s (GMREB). In June 2008, residential transactions were on the rise by 2%, which brings the decrease of sales since the beginning of the year to only 3%.
“Unlike the general trend elsewhere in Canada, the resale market in the Montréal Metropolitan Area is doing well,” says Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “Other large Canadian cities are seeing slower activity, with sales in Toronto decreasing by 14% since the beginning of the year, by 32% in Calgary and by 20% in Vancouver.”
For the Montréal Metropolitan Area, 25,519 transactions were recorded in the MLS® system during the first six months of 2008, a decrease of 3% compared to the 26,430 sales during the same period last year.
“Condominiums go against the tide recorded since the start of 2008 with a cumulative increase of sales of 7% compared to the first six months of 2007, while single-family homes show an equal decrease of 7%,” says Michel Beauséjour.
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MLS® Residential Statistics
Montréal Metropolitan Area - January to June 2008 |
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Variation |
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| 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) |
24,771 |
+2 %
+6 % -3 % -7 % +7 % -6 % +1 % +6 % +3 % +7 % |
Source: The Montreal Real Estate Board
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It’s good to see our neighbor to the north isn’t experiencing any troubles with the U.S.’s economic downturn.