Montreal Residential Market 2016

HouseMontréal Ends the Year With an Increase in Residential Sales in December

L’Île-des-Sœurs, January 6, 2017 – 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, 2,476 residential sales were concluded in December 2016, a 3 percent increase compared to December of last year. This was the 21st increase in sales in the past 22 months and the best sales result for a month of December since 2011.

“Like November’s results, December’s results also registered a sharp increase (32 per cent) in property sales of $500,000 or more,” said Daniel Dagenais, President of the GMREB Board of Directors. “On the other hand, there was a 10 percent decrease in sales in the price range of $200,000 to $300,000, which is perhaps a first sign of the effects of the most recent mortgage tightening measures,” added Mr. Dagenais.

Sales by geographic area

  • December’s results vary greatly from one geographic area to another, with sales ranging from +28 per cent in Vaudreuil-Soulanges to -16 per cent in Laval.
  • The North Shore and the Island of Montréal also registered sales increases of 11 per cent and 7 per cent, respectively.
  • However, sales fell by 5 per cent on the South Shore in December. This was only the third decrease in sales on the South Shore in the past 25 months.

Sales by property category

  • While sales were relatively stable for single-family homes (+1 per cent) and condominiums (0 per cent), sales of plexes (2 to 5 dwellings) jumped by 21 per cent in December.

Prices

  • The median price of single-family homes and condominiums rose by 2 per cent compared to December of last year to reach $300,000 and $245,000, respectively, across the Montréal CMA.
  • The increase in the median price of plexes was more sustained, at 4 per cent, as half of all plexes sold for more than $470,000.

Number of properties for sale

For a fifteenth consecutive month, the supply of properties for sale shrank in the Montréal CMA. The 25,672 active listings on the real estate brokers’ Centris® system represents a 13 per cent decrease compared to December of last year. “The decline in inventory means that we are returning to a balanced market, which is a positive sign,” said Mr. Dagenais.

For more information, please visit www.homepriceindex.ca.