One percent increase in Montreal real estate market
According to MLS® data, the Greater Montreal Real Estate Board reports a 1% increase in the number of sales transactions in the greater Montreal area in September 2011, compared to September 2010. This is the fourth consecutive sales increase and is especially pronounced on the Island of Montreal.
Diane Ménard, of the Quebec Federation of Real Estate Boards, remarks that sales were especially brisk for Montreal Island and Laval. “Actually, the number of transactions increased by 8% on the Island and 5% in Laval” she notes. “For Montreal Island, it was the second most active September in more than 10 years.”
However, sales have not increased for Quebec as a whole. On Montreal’s North Shore sales actually dropped 2% while on the South Shore they were down 8%.
In addition, the average price of a single family home in the Greater Montreal Area increased by 6% to $266,750 compared to the same month one year ago.
Note that the price of a building can impact insurance premiums since they are largely based on reconstruction costs—the higher the price, the higher the cost to rebuild.