In May, Montreal experienced its smallest drop in sales in the last seven months, according to new numbers released by the Greater Montreal Real Estate Board (GMREB).
The city counted 4,288 residential sales in total, an 8 per cent decrease from the same time last year. The North Shore area saw the smallest decrease with 5 per cent fewer sales than in May 2012.
“In a context where some buyers had to revise their budget due to the new mortgage rules, the North Shore continues to benefit from the fact that it is the most affordable area in the Montreal region,” said Diane Menard, Vice-President of the GMREB Board of Directors, in the news release.
All three property categories witnessed a drop in sales in May 2013 as compared to May 2012. Sales of single-family homes and plexes fell by 7 per cent, while condominium sales dropped by 12 per cent.
The five main areas of the Montreal CMA all registered a decrease in sales in May 2013. While the North Shore posted the smallest drop, sales in Vaudreuil-Soulanges, the South Shore and Montreal decreased by 7, 8, and 9 per cent respectively. Laval posted the biggest slide with a 14 per cent drop in sales.
The average price of single-family homes increased by 4 per cent across the CMA in May, the largest since December 2012. South Shore led the way with a 6 per cent increase to $279,900, followed by Laval with a 5 per cent increase to $290,000. The median price of single-family homes on the Island of Montreal remained the same as May of last year at $380,000.
The average price of condominiums remained the same last month in the Montreal CMA. A minor decrease of 1 per cent was registered on the Island of Montreal to $274,000, and in Laval to $208,000. On the other hand the North Shore saw a 3 per cent raise to $175,000, and a 4 per cent increase on the South Shore at $189,500.
For more details check out the tables below…