While home sales in the Montreal area decreased year-over-year in April, it was the smallest decrease in the past six months, according to a report released this week by the Greater Montreal Real Estate Board (GMREB).
There were 4,605 residential sales in the Montreal Census Metropolitan Area (CMA) last month, an 11 per cent decrease over April 2012.
“Sales have decreased every month since the entry into force of the new mortgage rules last July,” said Diane Menard, Vice-President of the GMREB Board of Directors, in the release that accompanied the report.
“Despite the drop in sales, April 2013 was a better month than that of April of 2011, when 4,474 transactions were concluded,” she added.
All three property categories witnessed a similar decrease in sales in April 2013 compared to 2012. The sale of single-family homes fell by 11 per cent, condominium sales dropped by 10 per cent, and plex sales fell by 13 per cent compared to April 2012.
All five main areas of the Montreal CMA saw a decrease in sales last month. For a second consecutive month, the largest decreases were seen in Laval, down 20 per cent, and Vaudreuil-Soulanges down 13 per cent. Sales in North Shore decreased by only 7 per cent and South Shore by only 6 per cent, the two smallest decreases. Sales on the Island of Montreal fell by 12 per cent.
The average price of a single-family home increased in certain areas of the city, including Laval at $285,000, the South Shore at $270,000 and the North Shore also at $270,000, all registered an increase of 2 percent. Homes on the Island of Montreal posted a smaller 1 per cent increase, bringing the average price to $380,000. The median price of single-family homes in Vaudreuil-Soulanges remained the same at $270,000 compared to April 2012.
There were 33,099 active listings in the Centris system as of April 30, 2013, up 16 per cent compared to the same time last year. The increase in active listings was most noticeable for condominiums, which rose by 29 per cent. The increase in supply was more steady for single-family homes, at 8 per cent, and plexes at 12 per cent.
La belle province is breathtaking in the summer, attracting a ton of tourists. Maybe they’ll decide to purchase a residence in the Montreal area?