Market Overview

Centris® Residential Sales Statistics - December 2017 - Montréal's Residential Real Estate Market Ends the Year on a High Note

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L'ÎLE-DES-SŒURS, QC, Jan. 8, 2018 /CNW Telbec/ - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 2,781 residential sales were concluded in December 2017, a 10 per cent increase compared to December of last year. This was the most active month of December since 2009. Click here to see the December 2017 statistics video.

Centris® Residential Sales Statistics – December 2017 (CNW Group/Chambre immobilière du Grand Montréal)

Sales by geographic area

  • Four of the six* main areas of the Montréal CMA registered an increase in sales in December 2017 as compared to December 2016.
  • Laval, the Island of Montréal and the South Shore set the tone with strong sales increases of 20, 15 and 15 per cent, respectively.
  • The area of Saint-Jean-sur-Richelieu posted a more timid increase of 5 per cent.
  • Two areas – the North Shore (-4 per cent) and Vaudreuil-Soulanges (-10 per cent) – registered a decrease in sales in December.

Sales by property category

  • Condominium sales were extremely robust in December, jumping by 35 per cent. In fact, the 978 condo transactions registered last month represent a new December sales record.
  • Sales of plexes (2 to 5 dwellings) increased by 5 per cent, while sales of single-family homes fell slightly by 1 per cent.

Prices

  • The median price of single-family homes across the Montréal CMA stood at $305,000 in December, up 2 per cent compared to December of 2016.
  • The median price of plexes increased by 3 per cent, as half of all plexes sold for more than $484,000.
  • Condominiums stood out once again, as their median price jumped by 8 per cent in December, reaching $265,000.

"The condominium segment just registered its largest monthly price increase in almost seven years," said Mathieu Cousineau, President of the GMREB Board of Directors. "The number of months of inventory has been falling steadily for two years now, and this is increasingly reflected by an upward pressure on prices. Many areas are even in a seller's market for condominiums," added Mr. Cousineau.

Number of properties for sale

The supply of residential properties for sale fell for a 27th consecutive month. In December, there were 24,520 active residential listings in the Centris® system, a 9 per cent drop compared to one year earlier.

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 interests in order for them to successfully meet their business objectives.

About Centris®

Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris® provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris® also manages the collaboration system used by more than 13,000 real estate brokers in Québec.

For December 2017 statistics charts, click here.
For year-to-date statistics charts, click here.

* Note: Following the 2016 census, the Saint-Jean-sur-Richelieu area is now part of the Montréal Metropolitan Area.

 

SOURCE Chambre immobilière du Grand Montréal

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