Sales Increase in the Montreal Area: Suburbs Set the Pace
ÎLE-DES-SOEURS, QUEBEC--(Marketwire - July 16, 2012) - According to the Québec real estate brokers' provincial database, there were 13,350 residential sales transactions in the Montréal Metropolitan Area in the second quarter of 2012, indicated the Greater Montréal Real Estate Board. This represents a 10 per cent increase compared to the second quarter of 2011.
"The residential real estate market was very active in the Montréal area, particularly in the suburbs, from April to June," said Diane Ménard, Vice-President of the GMREB Board of Directors and spokesperson for the Québec Federation of Real Estate Boards (QFREB) for the Montréal area. "The North Shore and Vaudreuil-Soulanges areas actually set new sales records in the second quarter of the year with 3,006 and 700 transactions, respectively, while sales in Laval and on the South Shore registered larger sales increases compared to the second quarter of 2011 with jumps of 17 and 16 per cent, respectively," she added.
The Island of Montréal posted a more moderate increase in residential sales at 5 per cent, with a total of 5,143 transactions in the second quarter of the year.
By property category, single-family home sales came in well ahead in the Montréal Metropolitan Area with a 13 per cent increase in transactions compared to the second quarter of 2011 (7,931 transactions). Condominium sales also performed well with an 8 per cent increase (4,126 transactions), surpassing the threshold of 4,000 sales for the first time. Finally, the 1,281 plex sales concluded in the second quarter of 2012 represent a 5 per cent increase compared to the second quarter of 2011.
In terms of prices, plexes boasted the largest increase in median price at 5 per cent to reach $415,000. The median price of condominiums grew by 3 per cent to reach $226,100 while that of single-family homes increased by 2 per cent to reach $275,000.
The number of properties for sale by a real estate broker in the Montréal area increased for a seventh consecutive quarter. There were an average of 27,504 active listings in the second quarter of 2012, an increase of 9 per cent compared to the same period last year.
Residential Real Estate Sales Across Québec Increase Significantly in Second Quarter of 2012
According to the Québec real estate brokers' provincial database, there were 24,988 residential sales transactions in the province of Québec (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=3) in the second quarter of 2012, indicated the Québec Federation of Real Estate Boards (QFREB). This represents a 9 per cent increase compared to the second quarter of 2011 and the largest increase in sales since the first quarter of 2010.
"Québec's residential real estate market was once again supported by low interest rates," said Paul Cardinal, Manager, Market Analysis, at the QFREB. "Moreover, after the disappointing end to 2011, the province's job market has improved since the start of 2012 and Québec consumers are a little more confident. These two factors also contributed to the solid performance of residential sales in the second quarter of 2012," he added.
Sales increased for all three property categories in Québec in the second quarter of 2012. The largest increase was for single-family homes, as sales of this property category grew by 10 per cent with 17,504 sales. Condominium sales grew by 7 per cent and even set a new record with 5,282 transactions. Finally, 2,061 plexes were sold between April and June, a 5 per cent increase compared to the same period last year.
The number of active listings by Québec real estate brokers has grown every quarter since mid-2010. This trend continued in the second quarter of 2012, but at a more moderate pace; the supply of properties was up by 9 per cent over the second quarter of 2011, compared to an increase of 13 per cent in the previous quarter. As for price growth, prices across the province increased slightly in the second quarter of the year. The median price of single-family homes and plexes increased by 4 per cent compared to the same period last year, while that of condominiums grew by 3 per cent.
About the Greater Montreal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization that brings together close to 11,000 real estate broker members. 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.
More Information on centris.ca®
For more information, including quarterly statistics for the province of Québec, as well as its municipalities and regions, visit centris.ca®, Québec's real estate industry website.
About the Québec Federation of Real Estate Boards
The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards as associate members and close to 15,000 real estate brokers who are affiliated members. Its mission is to promote and protect the interests of Québec's real estate industry so that the boards and their members can successfully meet their business objectives.For more information on statistics for each of the province's regions, don't miss the upcoming publication of the MLS® Barometer