The number of real-estate transactions in Greater Montreal has diminished by 6 % in April of 2009, compared to the same period in 2008, but it finally represents the best month since the beginning of the year. This is an observation made from the data of the Multiple Listing Service (MLS) system of the Greater Montreal Real Estate Chamber (GMREC), since this organism emits a communiqué every month in order to paint a picture of the transactions.
Michel Beauséjour, CEO of the GMREC, believes that it is still a good time to buy: « Mortgage rates have reached their lowest level in more than half a century and the property inventory is up, which offers a bigger choice to buyers. These take, however, a bit more time before buying which is shown by the average sales delays. In April of 2008, a one-family home remained on the market for about 67 days, on average, whereas this year, the average length is 80 days. »
Co-properties continue to set themselves apart by an increase of their average price which has gone up by 5 % in April of 2009 relative to the same month last year, to settle at 191 800 $. Average price for plexes, on its part, has increased by 1 %, whereas the price of a one-family home has remained stable with an average of 230 500 $.
Michel Beauséjour also believes that it is a good time to put one’s property up for sale. « The market is more active and the price of properties is stable or on the increase depending on the property category they are in.
The price increase of a co-property explains itself by the increase of the average price on the Island of Montreal (+ 7 %), which is responsible for 60 % of co-property sales in the region. »
Finally, on the 30th of April 2009, the number of registrations in use was up 11 % relative to the same date last year.