Home resales a boom for overall economy: study

The economic impact created by people buying homes in Quebec has gone up by almost 25 per cent in the past three years, according to a study commissioned by the Greater Montreal Real Estate Board (GMREB).

The Clayton Research study, released last Thursday, reports economic expenditures related to the Multiple Listing Service have increased by 24 per cent since 2004.

The study indicates the average expenditures associated to the sale or purchase of real estate between 2004 and 2006 now totals almost $26,000, in comparison with just over $21,000 between 2002 and 2004.

“This data clearly shows that real estate brokerage contributes significantly to the strength of the economy in Quebec,” stated GMREB CEO Michel Beauséjour. “During the purchase of property, consumers in Québec stimulate our economy by spending on various household expenses such as furniture and appliances, by paying moving costs, renovating, paying taxes and using professional services.”

The study also indicated sales of existing properties via the listing systems of the 12 real estate boards in Quebec generated economic impacts totaling $1.8 billion per year between 2004 and 2006, compared to $1.5 billion between 2002 and 2004. An average of 70,822 annual sales was listed in their systems between 2004 and 2006, in comparison with 68,300 between 2002 and 2004.

The GMREB, with more than 9,000 members, brings together most of the real estate brokers and agents who work in the Greater Montreal area.

For more information, check www.cigm.qc.ca.