According to the latest numbers from the Greater Montreal Real Estate Board (GMREB), the 3,311 home sales counted in February 2014 represented a two per cent drop from the year before.
Some parts of the region fared better than others: Vaudreuil-Soulanges saw a 35 per cent jump, while the Island of Montreal registered a one per cent increase. The North Shore and the South Shore saw decreases of two per cent and seven per cent respectively while it was a another tough month for Laval – sales dropped by 17 per cent, the 19th monthly decline.
The decline in sales was led by condos, which plummeted 11 per cent. Single family homes saw no change, while sales of plexes jumped up 13 per cent.
Despite the drop in sales, condo prices actually rebounded in February, rising by three per cent to a median sale price of $225,000. Prices for suites on the South Shore rose five per cent, Laval condos registered a four per cent uptick and the Island of Montreal saw a two per cent bump in prices. The North Shore posted a two per cent decrease.
“It should be noted that the two per cent increase in the median price of condominiums on the Island of Montréal in February is the largest increase in the last ten months,” said Patrick Juaneda, President of the GMREB Board of Directors, in the news release.
“It should also be noted that the highest growth in prices was registered in the South Shore area with a 5 per cent increase in the median price of both single-family homes and condominiums,” he added.
Prices of single family homes rose by two per cent region-wide to $275,000. Vaudreuil-Soulanges and the South Shore saw increases of four per cent and five per cent, respectively, while Laval and the Island of Montreal registered declines of two per cent and three per cent, respectively. The North Shore is the only area where the median price of single-family homes remained stable.
Prices for plexes slid three per cent to $420,000. For more details check out the table below: