How’s the market: June & July 2010

Catching up with the market updates. August’s market report is not out yet, and while we wait for the new numbers, here is a quick review on how the previous months performed: In terms of sales and active listings, the months of June and July were quite similar.

Compared to 2009, both months had a decrease in sales.

June’s total sales were down by 19%, while July’s decrease was 26%.
There was also a decrease of the active listings during these two months: 10% less for June and July followed with -7%.

Regardless of the slow market, the median prices of went up.

In June, median prices for Single Family Homes, Condos and Plexes* increased by 8%.
July median prices shows an increase of 5% for Single Family Homes, 8% for condos and 9% for Plexes*

* Plexes (2 to 5 dwellings)

View the complete reports: June 2010 | July 2010. Source: GMREB

Condos Stand Out in the First Quarter of 2010

Overall residential sales in the Montréal Metropolitan Area increased by 46 % in the first quarter of 2010 compared to the same period last year, and by 10% compared to the first quarter of 2008. In the first three months of the year, 3,865 condominiums were sold, up 13% compared to the previous record set in the first quarter of 2008.

Sales of single-family homes and plexes increased by 8% and 13%, respectively, compared to the first quarter of 2008, which was before the start of the last recession.
In terms of prices, the median price of single-family homes reached $243,000 in the first quarter of the year, an 8% increase compared to the first quarter of last year.

Condominiums registered an 8% increase to reach a median price of $200,000. The median price of plexes, which stood at $371,000, registered the largest increase, growing by 10% compared to the first three months of 2009.

“Lots of activity on the resale market as well as an increase in prices show that Montréal is a good place to live and a good place to invest,” concluded Michel Beauséjour.

Source: GMREB- [Greater Montreal Real Estate Board]

GMREB Video: Condo Sales Increases in January 2010

Last month, just as the month before that, there was another record breaking sales for the condo market. The new video of the GMREB explains the numbers as well as the so called “Real Estate Bubble” that people are talking about.

Michel Beauséjour, the CEO of the GMREB, clarifies the rumors about another real estate bubble by defining what the bubble means.

” (A bubble) Is supported by massive especulation in the market, which means that people are just buying houses or condominiums to resell it very quickly after and make money. We have no evidence that this is happening in the market right now. ”
“The condominium market is supported by first time buyer.”

Based on a survey in 2010, 43% of those first time buyers are renters

RSS readers: If you are not able to view this video, click on this link

2009 Real Estate Market – Good Performance

December’s stats came out early this month. The Greater Montreal Real Estate Board (GMREB) often gives us monthly numbers and this time, they also have some information on how the year did in general, compared to 2008.

We had a slow start last year. The market didn’t show serious signs of activity until late spring. Of course, they didn’t mention that until now, but we could all feel it.  Glad that slow time is over.

According to the GMREB, in 2009 prices increased a 5% more than in 2008. There were also more sales- houses lead the way this time, as opposed to condos. And finally, the month of December was very extremely active. There was an increase 0f 67% more sales than in 2008.

So far this year looks promising. The first time buyer’s season is approaching soon. Properties are getting ready to enter the market. Make sure you don’t get left behind.

Always happy to answer your real estate questions.

Happy monday to all!

GMREB Video: Montréal Sales Surpass Record-Breaking 2007 Levels

Chief Executive Officer of the GMREB, Michel Beauséjour introduces November 2009 sales statistics versus Nov. 2008 and 2007. As he explains, they have compared last months sales with two years( 2007 and 2008), instead of just one because of the recession last year there was a drop of sales by 31% (remember the awful sales report from November last year?). Obviously, last year we were on the red, the minus, the negative. It wouldn’t be fair to compare a good year like this one with a slow one like 2008. Makes sense. So the best year before that was 2007. And according to this report, (and the point of my whole rambling) last month we’ve surpassed the Nov 2007 mark with a 4% increase. Not bad at all.

PS: If you receive your articles via RSS or email, there is a chance that the video above won’t show up. To view it, click on the permalink of this post.

Montreal Real Estate Market: Exceptionally busy this summer

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!

April: Resale Market’s Best Month Since the Start of the Year

MLS® sales in the Montréal Metropolitan Area are picking up, with only a 6 per cent decrease in the number of transactions in April 2009 compared to April 2008, the month that broke all records, reported the Greater Montréal Real Estate Board. The median price of condominiums increased by 5 per cent, while single family-homes remained stable.

“It is a good time to buy a property today,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “Mortgage rates are at their lowest level in more than half a century and the inventory of properties is growing, giving buyers more choice. Buyers are taking a bit more time to buy, as shown by the average sale time. While single-family homes stayed on the market for an average of 67 days in April 2008, in April 2009, the average was 80 days,” he added.

In terms of prices, condominiums led the way with a 5 per cent increase in the median price in April 2009 compared to the same month last year, to reach $191,800. The median price of plexes increased by 1 per cent, while that of single-family homes remained stable at $230,500.

“It is also a good time to sell today,” said Mr. Beauséjour. “The market is becoming increasingly active and property prices are stable or increasing, depending on the property type. The price increase for condominiums can be explained by the increase in median price on the Island of Montréal (+7 per cent), which is responsible for 60 per cent of the region’s condominium sales,” he added.

Sales of single-family homes decreased slightly by 3 per cent in April 2009 compared to April 2008, while condominium and plex sales decreased by 7 and 11 per cent, respectively.

Geographically, the South Shore had the smallest decrease in sales, with a drop of only 1 per cent. Sales on the North Shore decreased by 3 per cent, while the regions of Laval, Vaudreuil-Soulanges and the Island of Montréal registered decreases of 7, 9 and 10 per cent, respectively.

As at April 30, 2009, the number of active listings on the MLS® system increased by 11 per cent in comparison with the same date last year.

Article source: Greater Montreal Real Estate Board

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