According to new stats published by the Greater Montreal Real Estate Board (GMREB), the number of sales decreased by 17 per cent in March 2013 compared to March 2012, with a total of 4,435 transactions.
The numbers followed the general downward trend that began last July with the tightening of mortgage rules.
The decline in sales was felt in every district. Vaudreuil-Soulanges posted the biggest drop of 36 per cent, followed by 23 per cent in Laval and 20 per cent on the Island of Montréal. The North Shore and South Shore fared slightly better with smaller drops of 9 and 10 per cent, respectively.
As far as new listings are concerned, there were 32,934 active listings recorded via the Centris system, a 12 per cent increase compared to the same time in 2012. The largest bump in new listings was for condos, with the number of new for sale suites growing by 25 per cent. Most of these new listings were located on the Island of Montréal which registered the largest increase of 22 per cent.
“In early 2012, the condominium market still advantaged sellers slightly, but after a short period in balanced territory the condominium market is now a buyer’s market, both on the Island of Montréal and in the suburbs,” said Diane Menard, Vice-President of the GMREB Board of Directors, in the news release.
For the most part, prices have remained relatively steady. Despite posting the largest overall drop in sales, Vaudreuil-Soulanges led the way for price increases of single-family homes. The median price in the neighbourhood rose by 7 per cent to $285,450 compared to the year before. The South Shore followed with a 5 per cent bump to $274,500 while the the Island of Montréal saw a 3 per cent increase to $370,000.
City-wide, single-family homes ($275,000) and plexes ($417,000) both saw a 1 per cent increase in median price while condo prices fell by 1 per cent to $222,000.
For more info, check out the charts below or see the neighbourhood breakdown for March here: