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Fueled by Condominiums, Montréal’s Residential Real Estate Market Continues to Grow in November

L'Île-des-Sœurs, December 7, 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, 3,348 residential sales were concluded in November 2017, a 12 per cent increase compared to November of last year. This was the most active month of November in eight years.

Sales by geographic area
  • Four of the five main areas of the Montréal CMA registered an increase in sales: the South Shore (+19 per cent), the Island of Montréal (+13 per cent), Vaudreuil-Soulanges (+13 per cent) and the North Shore (+11 per cent).
  • Sales were unchanged in Laval.
Sales by property category
  • The vitality in the condominium segment continued into November as sales jumped by 23 per cent. In fact, the 1,137 condo transactions that were concluded represent a new November sales record. Sales were particularly strong in the suburbs, as condo sales rose by 33 per cent on the South Shore and by 53 per cent on the North Shore.
  • Sales of single-family homes increased by 8 per cent across the Montréal CMA, and this property category remained the most popular with 1,807 transactions in November.
  • Sales of plexes (2 to 5 dwellings) registered a 5 per cent increase, with 402 transactions.

"The oversupply of condominiums that we saw two years ago has been completely absorbed," said Mathieu Cousineau, President of the GMREB Board of Directors. "We’re even seeing a seller’s market for condominiums in certain neighbourhoods on the Island of Montréal, including Plateau Mont-Royal, Rosemont and the South-West," added Mr. Cousineau.


Prices
  • The median price of single-family homes across the Montréal CMA stood at $322,000 in November, up 5 per cent compared to November 2016, a similar increase to those registered in September and October.
  • Note that the median price of plexes jumped by 12 per cent compared to last year to reach $512,500.
  • As for condominiums, the median price stood at $254,510, which is a 3 per cent increase compared to last November.

Number of properties for sale

In November, the number of active listings (25,149) was down 13 per cent compared to November of last year.












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 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 under the same address. Société Centris® provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris® also manages the collaboration system used by more than 13,000 real estate brokers in Québec.

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For November 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