Île-des-Sœurs, November 12, 2008 – Year-to-date sales in the Montréal Metropolitan Area total 36,955 transactions, and are down slightly by 4 per cent compared to the same period last year, according to the Greater Montréal Real Estate Board's MLS® system.
"With real estate sales still going strong in Montréal, it proves that it's still a good investment. This argument is even more compelling when you look at the other major cities like Calgary, Vancouver and Toronto, which have seen dramatic decreases in sales since the start of this year," said Michel Beauséjour, FCA, Greater Montréal Real Estate Board Chief Executive Officer. "Also, bear in mind that we're comparing sales so far this year with 2007, which broke all records," he said.
In Calgary, the number of sales recorded in the first 10 months of 2008 dropped by 27% compared to the same period in 2007, while Vancouver and Toronto recorded drops of 22% and 16%, respectively.
Property prices in the Montréal Metropolitan Area continued to climb during the first 10 months of the year. Median prices of single-family homes and plexes grew by 6% compared to the same period last year, while that of condominiums grew by 3%.