Residential Sales Beat the Record Set in April Last Year

The Greater Montréal Real Estate Board (GMREB) announces that the number of residential sales in April beat the record set last year for the same period by 1%, reaching 5,172 transactions, according to data from the MLS® system.

“This is good news for buyers and sellers because the residential real estate market has remained strong since the beginning of the year with a number of transactions that approximates the high recorded in 2007 for the same period,” says Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “If we combine this level of transactions with a 3% increase of the number of active listings, we see that the market is still active.”

In the Montréal Metropolitan Area, the increases of resales for condominiums (+7%) and plexes (+6%) compensate for the slight decrease recorded for single-family homes (-4%).

Source: Greater Montréal Real Estate Board by Centris™

On the geographic level, Laval’s condominiums delivered a strong performance and stood out with a 10% increase in property transactions in April 2008. In other sectors, activity remained stable (Montréal 0%, South Shore +1%, North Shore -1% and Vaudreuil-Soulanges - 2%) in comparison with the same month last year.

“Steady price increases as well as sustained sales show that the residential real estate market is robust, which is excellent news for Montréal,” says Michel Beauséjour.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization that brings together most of the real estate brokers and agents who work in the Greater Montréal area. With more than 9,000 members, it is the second largest board in Canada. Its mission is to actively promote and protect its members’ professional and business interests in order for them to successfully meet their business objectives and maintain their predominance in the real estate industry.

source: GMREB