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Best Month of March in Five Years on Montréal’s Residential Real Estate Market

L'Île-des-Sœurs, April 6, 2017 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris®provincial database. In total, 5,159 residential sales were concluded in March 2017, a 10 per cent increase compared to March of last year. This was the most active month of March since 2012.

“Some first-time buyers purchased their home a bit sooner, wanting to get in before the cost of mortgage loan insurance increased on March 17,” said Daniel Dagenais, President of the GMREB Board of Directors. “This may have slightly inflated the results for March, but the sustained increase in sales in the higher price ranges shows that it is mostly experienced buyers who are setting the tone,” he added.

Sales by geographic area
  • All of the main areas of the Montréal CMA registered an increase in sales in March. The largest increases were in Vaudreuil-Soulanges (+16 per cent) and on the North Shore (+15 per cent).
  • The other geographic areas were not too far behind, as sales rose by 9 per cent on the Island of Montréal, by 7 per cent in Laval and by 6 per cent on the South Shore.


Sales by property category
  • As was the case in the first two months of the year, condominium sales (1,651 transactions) took the lead in March, jumping by 15 per cent.
  • Sales of single-family homes increased by 9 per cent (3,080 transactions), while sales of small rental properties with 2 to 5 dwellings (plexes) fell slightly by 3 per cent (425 transactions).

Prices
  • The median price of single-family homes and condominiums has increased steadily over the past year. Across the Montréal CMA, the median price of single-family homes stood at $305,000 in March 2017, a 6 per cent increase compared to one year earlier. As for condominiums, the increase was 5 per cent, to reach a median price of $243,232.
  • In contrast, the median price of plexes decreased slightly (-3 per cent) to reach $456,000.

Number of properties for sale


The number of residential properties in the Montréal CMA listed on the real estate brokers’ Centris® system (30,285) decreased by 14 per cent in March. While market conditions favour sellers for single-family homes, they favour buyers for condominiums and are balanced for plexes.












For more information, please visit www.homepriceindex.ca.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 members: real estate brokers. Its mission is to actively promote and protect its members’ professional and business interests in order for them to successfully meet their business objectives.

About Centris®

Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker – more than 90,000 – under the same address. Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources exclusively to Québec’s 12 real estate boards and their 13,000 real estate brokers.

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For March 2017 statistics charts, click here.

For year-to-date statistics charts, click here.

Source: 
Manon Stébenne
Manager, Communications and Public Relations
Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 157
manon.stebenne@gmreb.qc.ca

For further information: 
Nathalie Rochette
Assistant Manager, Communications and Public Relations
Greater Montréal Real Estate Board
Tel.: 514-762-2440, ext. 238
nathalie.rochette@gmreb.qc.ca