2009 Market Forecast
Île-des-Sœurs, May 5, 2009 – MLS® sales in the Montréal Metropolitan Area are picking up, with only a 6 per cent decrease in the number of transactions in April 2009 compared to April 2008, the month that broke all records, reported the Greater Montréal Real Estate Board. The median price of condominiums increased by 5 per cent, while single family-homes remained stable.
"It is a good time to buy a property today," said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. "Mortgage rates are at their lowest level in more than half a century and the inventory of properties is growing, giving buyers more choice. Buyers are taking a bit more time to buy, as shown by the average sale time. While single-family homes stayed on the market for an average of 67 days in April 2008, in April 2009, the average was 80 days," he added.
In terms of prices, condominiums led the way with a 5 per cent increase in the median price in April 2009 compared to the same month last year, to reach $191,800. The median price of plexes increased by 1 per cent, while that of single-family homes remained stable at $230,500.
"It is also a good time to sell today," said Mr. Beauséjour. "The market is becoming increasingly active and property prices are stable or increasing, depending on the property type. The price increase for condominiums can be explained by the increase in median price on the Island of Montréal (+7 per cent), which is responsible for 60 per cent of the region's condominium sales," he added.
Sales of single-family homes decreased slightly by 3 per cent in April 2009 compared to April 2008, while condominium and plex sales decreased by 7 and 11 per cent, respectively.
Geographically, the South Shore had the smallest decrease in sales, with a drop of only 1 per cent. Sales on the North Shore decreased by 3 per cent, while the regions of Laval, Vaudreuil-Soulanges and the Island of Montréal registered decreases of 7, 9 and 10 per cent, respectively.
As at April 30, 2009, the number of active listings on the MLS® system increased by 11 per cent in comparison with the same date last year. |
