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GMREB April 2018: Montreal Is Canada’s Next Hot Housing Market

The Montreal Real Estate Commission (GMREB) today published its report on residential real estate in April based on statistics from the Centris provincial database.

The most recent statistics state 5,432 residential sales in April 2018, which are 10% higher than last year's April. This is the best April since 2010 and Montreal's 38th consecutive monthly sales increase.

Which area sees the highest sales increase?

  • Suburban areas in the GMA saw the highest sales increase. The South Shore led the way with 15%, followed by 13% in Saint-Jean-sur-Richelieu and 12% in Laval.
  • Sales in the island of Montreal rose by 6% in April.
  • In Vaudreuil-Soulanges, sales remained unchanged.
  • All other areas in Montreal & # 39; s GMA recorded a significant increase in sales activity.

Which type of property performs best?

  • Condominium sales performed best in April, with an increase of 18% in year transactions.
  • Single-family homes recorded a turnover increase of 6%.
  • & # 39; Plexes also recorded a 6% increase over the GMA.
  • When it comes to price valuation, single-family homes perform best, with a valuation of 6% since April 2017.
  • Condominiums valued at the lowest rate between April 2017 and April 2018, at 2%.

Does the market prefer buyers or sellers?

  • In April of 2018, 24,466 active listings were registered with Centris, a decrease of 17% compared to April last year.
  • Falling supply and increased demand is an indication of a vendor's market, characterized by increased competition, rising prices, bidding wars and a drop in sales time.
  • Vendors can find average sales times in their region and for their specific type of home with our [sales time calculator] .

How does Montreal perform compared to the rest of Canada?

In contrast to the increasing sales activity of Montreal, Toronto recorded the weakest sales for the month in 15 years, while the activity in Vancouver declined by 27 percent. Prices in both markets were stable despite fewer transactions.

Source: Bloomberg, CREA, TREB, REBGV, GMREB

The healthy performance of Montreal could be attributed to a recent growth of the economy – according to Think Tank Institut du The move from Quebec, Amazon and IBM to Montreal bore that more jobs were created this year than in the previous 8 years. The city is also gaining popularity as an AI hub, where art intelligence laboratories are organized by Thales SA and Facebook.

That said, analysts see no signs of overheating. Although the sales activity is increasing, the price increase is still very much at the level of the annual averages.

With $ 317,000, the median house price in the Montreal GMA falls well below the middle prices in Toronto ($ 870,000) and Vancouver ($ 1.4 million).

Still: "Demand is strong and the number of resale houses has dropped, so market conditions are getting tighter," said CMHC analyst Francis Cortellino in a telephone interview with Bloomberg. "The Montreal market is currently very dynamic."

About the Greater Montreal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 members: real estate agents. Its mission is to actively promote and protect the professional interests of its members so that they can successfully achieve their business objectives.

About Centris ®

Centris. ca is the Québec real estate sector website for consumers, in which all real estate is offered for sale by a real estate agent under the same address. Société Centris ® offers stakeholders in the real estate sector access to real estate data and a wide range of technological tools. Centris ® also manages the collaboration system used by more than 13,000 real estate agents in Québec.

This article, GMREB April 2018: Montreal Is Canada's next warm housing market first appeared on Shupilov news.

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