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Montréal’s Real Estate Market Performed Well in 2009

Important Note

The Greater Montreal Real Estate Board publishes its MLS® sales statistics by Montreal Metropolitan Area territory, as defined by Statistics Canada during the last census.  The list of municipalities that make up this territory is available at www.statcan.ca.

In addition, the Greater Montreal Real Estate Board uses the median price to measure the evolution of property prices.  The median price is the middle price, in other words, half of the transactions had a lower price and the other half had a higher price.

Île-des-Sœurs, January 7, 2010 – Sales in the Montréal Metropolitan Area increased by 3 per cent in 2009 compared to 2008, with a total of 41,802 transactions, according to the Greater Montréal Real Estate Board's MLS® statistics.

“Although sales decreased the first four months of 2009, Montréal’s real estate market rebounded and finished the year on a positive note,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “Because sales increased by 3 per cent in 2009 compared to 2008, it’s obvious that Montréal’s real estate market wasn’t really affected by the recession,” he added.

There was an increase in sales in all property categories in 2009. Single-family homes led the way with a 4 per cent increase in sales, followed closely by condominiums and plexes, which each posted a 3 per cent increase.

In terms of prices, the median price of a single-family home in the Montréal area reached $235,000 in 2009, a 4 per cent increase compared to 2008. The median price of condominiums increased by 5 per cent to reach $194,500, while that of plexes grew by 4 per cent to reach $349,000.

“Not only was the market more active in terms of sales in 2009, but prices continued to slowly and steadily increase in Montréal, meaning that real estate continues to be a good investment,” said Mr. Beauséjour.

Geographically, Vaudreuil-Soulanges saw the biggest increase in sales, at 7 per cent, in 2009 over 2008. The South Shore and the Island of Montréal posted a 4 per cent increase in sales, while Laval posted a 3 per cent increase. The number of transactions on the North Shore remained stable in 2009 compared to 2008.

The average number of active listings on the MLS® system in 2009 was 1 per cent higher than in 2008.


 

Record-Breaking Month of December

There were 2,819 sales in the Montréal area in December 2009, a 67 per cent increase compared to December 2008. These 2,819 transactions represented a new record for the month of December, outdoing December 2006, during which 2,466 sales took place.

“It’s important to remember that in December 2008, sales in the Montréal area were down 29 per cent compared to December 2007. In that sense, then, the increase in sales in December 2009 should be interpreted cautiously, as it was amplified by the market’s poor performance in December 2008,” explained Mr. Beauséjour.

Property prices increased in the Montréal area in December 2009. All three property categories registered a 4 per cent increase in the median price compared to December 2008. The median price of single-family homes reached $240,000, that of condominiums reached $200,000 and that of plexes reached $353,000.

As at December 31, 2009, the number of active listings on the MLS® system decreased by 19 per cent in comparison with the same date last year.

 

 

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 and agents who work in the Greater Montréal area. With close to 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 and maintain their predominance in the real estate industry.