Though sales continued their downward trend in Montreal in June, prices didn’t see a similar drop. According to new numbers released by the Greater Montreal Real Estate Board (GMREB), the condo market appears to have turned a corner: they saw the first increase in median price since the start of the year and the smallest decrease in sales since July 2012.
Overall, the city saw 3,205 sales in June, a 7 per cent drop from the same time the year before. But condos saw the smallest decrease. Single-family home sales were down by 9 per cent, multiplex sales decreased by 7 per cent and condos dropped by 6 per cent.
Most districts saw declines in sales. Laval transactions dropped by 12 per cent, the Island of Montreal saw sales slip by 9 per cent. The North Shore registered an 8 per cent decrease and the South Shore saw a 6 per cent decrease.
“It’s important to note the impressive 10 per cent increase in condominium sales on the South Shore, even though all other areas registered a drop in sales in June 2013,” said Diane Menard, Vice-President of the GMREB Board of Directors, in the news release.
For home values, the median price of single-family homes increased by 2 per cent across the CMA in June 2013. The Island of Montreal the North Shore and Vaudreuil-Soulanges all registered a 2 per cent bump in prices increase, while Lavaland the South Shore both posted a 1 per cent increase in the median price of single-family homes compared to last June.
The median price of condominiums grew by 4 per cent on the North Shore ($179,950), by 2 per cent on the Island of Montréal ($275,000) and by 1 per cent in Laval ($215,000). The South Shore ($185,000) was the only district that saw a drop in the median price of condominiums, at 1 per cent.
Fore more details, check out the tables below…
Photo: Spatial Mongrel/Flickr