January 2012: Year Begins on a Positive Note
Île-des-Sœurs, February 6, 2012 – MLS® sales in the Montréal Metropolitan Area increased by 1 per cent in January 2012 compared to January 2011, according to the Greater Montréal Real Estate Board (GMREB). This was the eighth consecutive increase in existing-home sales.
“The Vaudreuil-Soulanges area stood out for a fourth consecutive month with a 25 per cent increase in MLS® sales,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “This was a new sales record for a month of January,” she added.
In addition to Vaudreuil-Soulanges, two other main regions in the Montréal Metropolitan Area posted an increase in sales. The South Shore registered a 5 per cent increase in sales and the North Shore saw a 2 per cent increase in its number of transactions. The Island of Montréal and Laval both posted a drop in sales compared to January 2011, at 2 and 11 per cent, respectively.
While sales of single-family homes decreased slightly by 1 per cent, condominium sales continued to gain momentum with an increase of 3 per cent. In fact, January 2012 was the 22nd consecutive month in which condominium sales outperformed the other property categories. Plex sales increased by 2 per cent in January 2012 compared to the same period last year.
As for prices, all three property categories registered an increase in median price in January 2012 compared to January 2011. The median price of single-family homes reached $262,500 (+4 per cent), that of condominiums reached $220,000 (+5 per cent) and that of plexes reached $399,500 (+3 per cent).
The number of active listings throughout the Montréal Metropolitan Area increased by 11 per cent compared to January 2011. In total, more than 26,000 residential properties were available to buyers in January, the most generous supply of properties in the past five years.
A New Tool for Real Estate Brokers: the MLS® Home Price Index
The GMREB, together with the Toronto, Fraser Valley, Greater Vancouver and Calgary real estate boards, as well as The Canadian Real Estate Association, is pleased to announce the introduction of a new tool: the MLS® Home Price Index (MLS® HPI).
This new tool will use data from the MLS® system to more accurately illustrate price fluctuations in the real estate market. With the MLS® HPI, real estate brokers will be able to better assess property prices according to the targeted area and will therefore be able to provide more accurate advice to their clients.
To better analyze market trends, the MLS® HPI will use sophisticated statistical methods that take into account quantitative characteristics such as the property’s number of bedrooms, age and area, as well as qualitative characteristics such as proximity and waterfront. The GMREB will be implementing this tool gradually throughout the year.
Here is the data for January 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 10,500 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.