Centris® Residential Sales Statistics - May 2018 - Led by the South Shore, Montréal's Residential Real Estate Market Set a New Sales Record in May

L'ÎLE-DES-SOEURS, QC, June 6, 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, 5,303 residential sales were concluded in May 2018, a 1 per cent increase compared to May of last year. This was the 39th consecutive increase in residential sales in the Montréal area. Click here to watch the May 2018 statistics video.

Sales by geographic area

• Geographically, the South Shore led the way with a 12 per cent jump in sales. This was followed by Laval, where the number of transactions rose by 4 per cent.
• On the North Shore (0 per cent), on the Island of Montréal (-1 per cent) and in Vaudreuil-Soulanges (-1 per cent) sales levels were similar to those registered in May of last year.
• The only area to post a decrease in sales was that of Saint-Jean-sur-Richelieu, at 28 per cent.

Sales by property category

• Once again, condominiums set the tone for the market as the number of transactions increased by 14 per cent, thanks in particular to a 36 per cent jump in condo sales on the South Shore.
• Plexes with 2 to 5 dwellings also performed well, as sales rose by 4 per cent compared to May of last year.
• Sales of single-family homes in the Montréal CMA decreased (-6 per cent) for the first time in five months.

Prices

• The median price of single-family homes across the Montréal CMA stood at $325,000 in May, up 3 per cent year over year.
• As for condominiums and plexes, price growth was more sustained. The median price of condominiums increased by 6 per cent to reach $257,000, while that of plexes jumped by 9 per cent to reach $520,000.

Number of properties for sale

The number of properties for sale continued its downward trend. In May, there were 24,501 active residential listings in the Centris system, which represents a 16 per cent drop compared to one year earlier.

"The number of condominiums for sale in the Greater Montréal area fell by about 22 per cent in May. A drop like this has not been seen in nearly 15 years," said Mathieu Cousineau, President of the GMREB Board of Directors. "With strong demand and a decrease in supply, as we have been seeing for several months now, the condominium segment ? against all expectations ? is on the verge of moving into a seller's market too," added Mr. Cousineau. 

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 May 2018 statistics charts, click here.

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

SOURCE Greater Montréal Real Estate Board