Record Sales in May on Montréal’s Residential Real Estate Market
“This was an exceptional month of May on Montréal’s residential real estate market,” said Mathieu Cousineau, President of the GMREB Board of Directors. “Sales surpassed the previous peak for a month of May, which dates back to 2007,” added Mr. Cousineau.
Sales by geographic area
- All five main areas of the Montréal CMA registered an increase in sales in May. However, the areas of Vaudreuil-Soulanges and the Island of Montréal clearly stood out with respective sales increases of 25 and 22 per cent.
- The North Shore and Laval were also quite active, as sales rose by 14 per cent and 11 per cent, respectively.
- Finally, the South Shore registered a more modest sales increase of 4 per cent compared to May of last year.
Sales by property category
- Condominium sales registered an impressive increase of 24 per cent across the Montréal CMA, with 1,637 transactions.
- Plexes (467 transactions) also turned in an excellent performance, with a 19 per cent jump in sales.
- Single-family homes, whose sales grew by 10 per cent in May, remain the most in demand property category, as 2,950 transactions were concluded.
- The median price of single-family homes stood at $319,000 in May in the Montréal CMA. This was a 6 per cent increase compared to May 2016.
- Condominiums registered much more sluggish price growth, as the median price of this property category rose by only 1 per cent to reach $243,000.
- As for plexes, half of all transactions were concluded at a price higher than $480,000, which is up 5 per cent compared to May of last year.
Number of properties for sale
The number of residential properties listed on the real estate brokers’ Centris®system (28,137) decreased for a 20th consecutive month, falling by 15 per cent compared to May 2016.
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 with more than 9,000 members: real estate brokers. Its mission is to actively promote and protect its members’ professional and business interests in order for them to successfully meet their business objectives.
Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker – close to 100,000 – under the same address. Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources exclusively to Québec’s 12 real estate boards and their 13,000 real estate brokers.