Tuesday, June 16, 2009
The Best News I've Heard in Maybe Seven Months
The number-crunchers at the Greater Montreal Real Estate Board report that May marked the first time in seven months that home sales outpaced the same month a year earlier.
Yup, after a sl-oooooo-w fall and early winter, buyers started to pop up like so many brave little crocuses in late March and April. In May, they were in full flower.
Sales through the board's MLS system increased by 8 per cent to 4,839 transactions. Single-family homes led the way, with 2,959 sales, a 13-per-cent increase compared to the same month in 2008. Condo sales rose by 2 per cent and plex sales up by 3 per cent.
The market spread the love around, with sales on the South Shore up by 13 per cent, year over year, on the North Shore sales rose 8 per cent. In Montreal, the off-island western suburbs and Laval, saw sales increase by 7, 5 and 4 per cent respectively.
What happened to get the market moving? The real estate board pegged it to increased consumer confidence, which is at its highest level since July, 2008. According to the board, 55 per cent of consumers surveyed said this was a good time to buy a home, compared to only 38 per cent in April. Historically low interest rates may have had something to do with that increased confidence.