First Drop in Sales in 15 Months
Île-des-Sœurs, September 10, 2012 – According to the Québec real estate brokers’ provincial database, sales in the Montréal Census Metropolitan Area (CMA) decreased by 7 per cent in August 2012 compared to August 2011, with 2,323 transactions, said the Greater Montréal Real Estate Board (GMREB).
“It could be that the effects of the federal government’s tightened mortgage rules, the most recent of which came into force this past July, are starting to be felt,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “However, it’s too early to make this conclusion and we’ll have to see if this trend continues in coming months. Elsewhere in Canada, MLS® sales fell by 12.4% in Toronto and by 30.7% in Vancouver, where homeownership is more difficult than in Québec,” she added.
Sales decreased for all property categories in August 2012 compared to August 2011. Single-family homes registered the smallest decrease at 5 per cent, while sales of both condominiums and plexes fell by 8 per cent. Of the five main areas of the Montréal CMA, the North Shore was the only one to register an increase in sales in August 2012, at 1 per cent. Sales on the South Shore fell by 4 per cent, followed by the Island of Montréal at 5 per cent. Laval and Vaudreuil-Soulanges registered respective decreases of 20 and 21 per cent.
As for prices, the median price of single-family homes in the Montréal CMA increased by 4 per cent in August 2012 compared to August 2011, reaching $280,000. The Island of Montréal ($382,000) posted the largest increase in median price at 6 per cent, followed by the North Shore ($237,500) at 4 per cent, and by Laval ($283,000) and the South Shore ($270,000), both at 3 per cent. The median price of single-family homes in Vaudreuil-Soulanges ($263,000) fell slightly by 3 per cent compared to August 2011.
As at August 31, 2012, the number of active listings on the MLS® system increased by 7 per cent in comparison with the same date last year.
The MLS® Home Price Index
Here is the MLS® HPI data for July 2012:
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 that brings together most of the real estate brokers who work in the Greater Montréal area. With more than 10,000 members, it is the second largest board in Canada. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.