According to new numbers released by the Greater Montreal Real Estate Board (GMREB) based on Centris Residential Sales Statistics for the Montreal Metropolitan Area, sales are down and property values haven’t seen any significant changes when compared to the January 2012 numbers.
In the first month of the year, the Montreal counted 2,101 transactions, a 14 per cent decrease from the same month last year. The largest drop was for plexes (2 to 5 dwellings) with a 16 per cent decrease in sales. Both condos and single-family dwellings saw a 14 per cent decrease in sales from January 2012 to January 2013.
Single-family dwellings saw the largest rise in values, though it wasn’t a dramatic increase: prices were up 2 per cent from January 2012 to January 2013. Plexes only saw a 1 per cent change, rising to $405,000. As for prices, the median value of a condo in Montreal remained unchanged at $220,000.
“The single-family home market is becoming balanced and the condominium market is leaning towards a buyer’s market,” explained Paul Cardinal, Market Analysis Manager at the Quebec Federation of Real Estate Boards in the press release.
The static condo sales are somewhat of a new trend for Montreal. “The median price of condominiums had increased virtually every month since August 2009,” said Diane Menard, Vice-President of the GMREB.
However, not all neighbourhoods have experienced the same levelling off in price. The most dramatic bump was seen in single-family homes in Vaudreuil-Soulanges and Montreal with increases of 14 per cent ($280,000) and 11 per cent ($370,000) respectively.
For sales numbers, Vaudreuil-Soulanges saw the steepest drop with 31 per cent fewer sales than the previous year, followed by the Island of Montreal, which experienced a 16 per cent drop.
Check out a breakdown of the Centris Residential Sales Statistics for the Montreal Metropolitan Area below…