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]

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!

Housing performance expected to accelerate in 2010

The year isn’t over yet, but you can definitely expect new Market forecast coming this month, telling us how the year did so far and what to expect for 2010. This is the first we’re publishing here. The report was done by RE/MAX. More reports coming soon.

As economic stability returns to Canadian markets, housing performance expected to accelerate in 2010.
The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets. The report found that sales are forecast to recover in almost all major centres by year-end 2009

“Canadians continue to demonstrate their commitment to homeownership – regardless of the economic climate,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec.
“No where in Canada is that more evident than in Quebec. The province, with one of highest percentage of renters in the country, is well-poised for an escalation in homeownership levels as renters enter the market en masse to take advantage of ideal market conditions. Prices remain well under the national average, making ownership more attainable and leaving more room for appreciation that’s been long overdue.”

More on the Market Outlook Nationwide:

• Approximately 465,000 homes are expected to change hands nationally in 2009, a 7% increase over one year ago.
• Canadian housing values are forecast to close the year at $318,000, up 5% from $303,594 in 2008.
• By year-end 2010, the number of homes sold is predicted to climb another 2% to 475,000 units.
• The average price of a home is also expected to experience an uptick, rising 2% to $325,000 – the highest level in Canadian history.

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

Market Update: First Quarter 2009 Report by Royal LePage

Sit tight, the quarterly market reports will begin to pop-up everywhere!
With the end of the first trimester, we will have a surplus of information available from different sources.

I’ve included here the chart for condo and bungalow information nationwide. Montreal is highlighted in green. Click on the image to view the original size.

The first report is from Royal LePage. And it goes:

Canadian Real Estate Market Relatively Resilient During First Quarter

“Consistent with current economic trends, Canadian residential real estate prices declined during the first quarter, according to a quarterly House Price Survey released today by Royal LePage Real Estate Services Ltd. As the market correction unfolds, year-over-year home prices were lower, as was expected. Increased buyer activity at the end of March suggests that spring will bring its typical increase in unit sales activity as buyers target summer moves.”

In Montreal and Ottawa, detached bungalows are in the plus:

“Moderate growth occurred for detached bungalows in Montreal (up 2 per cent) and Ottawa (up 1.9 per cent), while Toronto saw a decline of 6.3 per cent compared to the same period in 2008. Prices in the prairies and in western cities declined with the average price for a detached bungalow down 8.1 per cent in Saskatoon and 11.2 per cent in Edmonton”

You can find the complete article and market repoert here

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