The number of real estate transactions in the Greater Region of Montreal has melted like snow under the spring sun with a downfall in sales of some 37 % in January of 2009 compared to the same period last year. These figures which have been made public by the Greater Montreal Real Estate Board allow us however to notice that average prices for one-family homes have gone up by 3 %.
According to the GMREB, for the time being, prices have continued to grow, slowly but steadily, contrary to quite a few other large cities in Canada such as Toronto, Vancouver and Calgary, which have not only seen their sales but also their prices diminish.
Michel Beauséjour, CEO at the GMREB has said: « It is evident that the fading confidence of consumers in the economy is the principal factor explaining falling sales. In this context, it is not surprising that the number of transactions has declined, and this, in spite of the stability of the real estate market in the last 30 years, that is to say: since we have begun compilation of our statistics ».
« All property categories have registered price increases. The average price of a one-family home has grown by 3 % relative to January of 2008, to set itself at 225 000 $. The average price of co-ownerships has registered an increase of 4 %, whereas the price for plexes has grown by 3 % ».
Total transactions have numbered 1 662 sales in the Greater Metropolitan Region of Montreal in January of 2009, thus registering a downfall of 37 % relative to the same month last year.
Finally, one notices that on the 31st of January 2009, registration numbers on the MLS (Multiple Listing Service) system were up by 12 % relative to the same date last year.