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Centris Residential Sales Statistics - July 2018 - Residential Sales in the Greater Montréal Area: Best Month of July in 8 Years

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Centris Residential Sales Statistics - July 2018 - Residential Sales in the Greater Montréal Area: Best Month of July in 8 Years

Canada NewsWire

L'ÎLE-DES-SŒURS, QC, Aug. 7, 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, 3,201 residential sales were concluded in July 2018, which represents a 1 per cent increase compared to July of last year and an eight-year high for this month of the year. This is the 41st consecutive month in which residential sales have increased in the Montréal area. Click here to watch the July 2018 statistics video.

Centris Residential Sales Statistics – July 2018 (CNW Group/Greater Montréal Real Estate Board)

"After a strong start to the year, sales continue to increase in the Montréal area but at a slower pace. In fact, for the past three months, sales have only increased by 1 per cent," said Mathieu Cousineau, President of the GMREB Board of Directors.  

Sales by geographic area

  • Geographically, three of the Montréal CMA's six main areas registered an increase in sales in July.
  • The South Shore topped the list with a 15 per cent increase in sales compared to July of last year. Vaudreuil-Soulanges and the North Shore were the two other areas that posted an increase in sales, at 8 per cent and 3 per cent, respectively.
  • In contrast, sales decreased on the Island of Montréal (-4 per cent), in Laval (-7 per cent) and in Saint-Jean-sur-Richelieu (-24 per cent). For the Island of Montréal, this was the third consecutive monthly drop in sales.

Sales by property category

  • For a 10th consecutive month, the property category that registered the largest increase in sales was that of condominiums.
  • In July, the number of condo sales in the Montréal CMA (1,139 transactions) rose by 6 per cent. Sales of plexes with 2 to 5 dwellings (303 transactions) increased by 2 per cent, while sales of single-family homes decreased by 2 per cent (1,752 transactions).

Prices

  • All three property categories registered strong price increases in July.
  • The median price of single-family homes across the CMA stood at $336,250, a 6 per cent increase compared to one year earlier.
  • The median price of condominiums rose by 5 per cent to reach $265,000, while that of plexes jumped by 9 per cent to reach $528,500.

Number of properties for sale

As for the supply of properties for sale, the downward trend continued for a 34th consecutive month. In July, there were 21,230 active residential listings in the Centris system, a 17 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 July 2018 statistics charts, click here.

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

 

SOURCE Greater Montréal Real Estate Board

View original content with multimedia: http://www.newswire.ca/en/releases/archive/August2018/07/c8450.html

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