The Montreal resale market saw a slight downturn in December, with the 2,029 residential sales recorded last month falling three per cent below the tally for December 2012.
According to the latest numbers from the Greater Montreal Real Estate Board (GMREB), all three property categories registered a decrease in sales: plexes registered the largest drop, at 10 per cent, followed by single family homes at 2 per cent and condos at one per cent.
“The month of December performed like the average of the previous months,” said Diane Menard, Vice-President of the GMREB Board of Directors, in the news release.
“We believe we are still feeling the impact of the new mortgage insurance rules that came into force in the summer of 2012.”
In terms of neighbourhoods, two parts of the Greater Montreal area saw increases in sales. The Island of Montreal saw a 1 per cent boost in sales compared to last year while Vaudreuil-Soulanges measured an astonishing 46 per cent increase.
Another surprising stat? As at December 31, 2013, there were 27,899 active listings in the Centris system, up 10 per cent compared to the same time last year and the 40th consecutive monthly increase.
As far as prices are concerned, condos were the only property type to measure a decrease. The median price for a condo fell 4 per cent to $230,000 in December. Single-family home prices were up five per cent, year-over-year to $285,000 while plexes rose two per cent to $410,000.
For more details, check out the table below: