MLS® Residential Statistics for the Montréal Metropolitan Area Jump in Condominium Sales in the Montréal Area in January 2010
Île-des-Sœurs, February 10, 2010 – Condominium sales in the Montréal Metropolitan Area increased by 98 per cent in January 2010 compared to January 2009 which was the worst month of the recession. In fact, condominium sales rebounded so well from the economic downturn that they exceeded the January 2007 sales peak by 20 per cent, according to the Greater Montréal Real Estate Board's MLS® statistics.
In terms of overall sales, 2,784 transactions took place in the Montréal area in January 2010, a 70 per cent increase compared to January 2009 and a 7 per cent increase compared to January 2008.
“The market was very active in January 2010 with condominiums leading the way and setting new sales records in Montréal’s five main areas,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “This activity is mainly due to first-time buyers, as evidenced by our most recent survey results. About 43 per cent of people polled who are considering buying a property over the next 12 months are currently renting,” he added.
Single-family homes and plexes also turned in solid sales performances in January 2010, although they did not set new records. The number of single-family homes sold in the Montréal area increased by 60 per cent compared to January 2009 and by 1 per cent compared to January 2008. Plexes posted a 57 per cent increase in sales compared to January 2009 and a 3 per cent increase compared to January 2008.
In terms of prices, condominiums stood out yet again. The median price of condominiums in the Montréal area increased by 12 per cent in January 2010 compared to January 2009, reaching $201,500. The median price of single-family homes increased from $225,000 in January 2009 to $235,000 in January 2010, an increase of 4 per cent. In terms of plexes, the median price increased by 7 per cent, reaching $365,000.
“Property prices in the Montréal area never decreased during the last recession. This steady increase in price shows that real estate continues to be a good investment,” said Beauséjour. |