July marks the fifth consecutive increase in residential sales in the Montréal area
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, 2,624 residential sales were concluded in July 2015, a two per cent increase compared to July 2014. This was the fifth consecutive monthly increase in sales.
“It’s interesting to see that selling times have decreased for a second consecutive month, reversing the upward trend that was observed for more than four years,” said François Bissonnette, president of the GMREB Board of Directors. The average selling time for all property categories combined, throughout the Montréal CMA, stood at exactly 100 days in July 2015, which is four days less than in July 2014.
Variation by geographic area
- The Vaudreuil-Soulanges area clearly stood out in July, registering a 42 per cent increase in residential sales compared to July of last year.
- The Island of Montréal (+3 per cent) was the only other area that registered an increase in sales.
- The number of transactions remained stable on the North Shore (0 per cent), while Laval (-1 per cent) and the South Shore (-5 per cent) registered a decrease in sales compared to July 2014.
Statistics by property category
- As was the case in June, single-family home sales across the Montréal CMA registered the largest increase in July, at 7 per cent.
- Sales of plexes (2 to 5 dwellings) remained stable (0 per cent) compared to July 2014.
- Condominium sales fell by 7 per cent.
- For the Montréal CMA as a whole, the median price of single-family homes ($290,500) and plexes ($455,000) both registered a 1 per cent increase compared to July 2014.
- The median price of condominiums rose by 4 per cent to reach $245,000.
Number of properties for sale
For a third consecutive month, the increase in the number of properties for sale stood at only 2 per cent, which is the smallest increase in the number of active listings in over four years in the Montréal area.