The Greater Montréal Real Estate Board (GMREB) has released updated statistics on the residential real estate market in the Montréal Metropolitan Area (CMA), based on the Centris provincial database of real estate brokers. As a result, 5,159 residential sales were completed during March 2017, representing a 10% increase over March 2016. This is the most active month since March 2012.
Centris Residential Sales Statistics – March 2017 (CNW Group / Greater Montréal Real Estate Board)
“Some first buyers somewhat outpaced their purchase before the mortgage insurance premiums increased on March 17,” said Daniel Dagenais, chairman of the GMREB Board. “This may have slightly inflated our March results, but the sustained increase in activity in the higher price ranges shows that it is mostly experienced buyers who dictate the tone,” he adds.
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Real estate change in sales by sector
All major geographic areas of the Montréal CMA experienced an increase in the number of transactions in March. The other sectors are not left behind, with a sales increase of 9% on the island of Montreal, 7% in Laval and 6% on the South Shore.
Statistics by property categories
Sales of single-family homes increased by 9% (3,080 transactions), while sales of small rental properties of 2 to 5 units fell slightly, by 3% (425 transactions).
Average prices for single-family homes and condominiums have increased steadily over the past year. Across the metropolitan area, the average price for single-family homes reached $ 305,000 in March 2017, 6% more than a year earlier. For the condominium, the increase was 5%, with a median price of $ 243,232.
However, the Plex experienced a slight decline (-3%) in their median price to $ 456,000.
Number of properties for sale
The number of residential properties in the Montréal CMA and registered on the Centris® system of real estate brokers (30,285) declined by 14% in March. We observe market conditions “seller” for the single family, “buyer” for the condominium and “balanced” for the plex.