According to the latest stats from the Greater Montreal Real Estate Board (GMREB), the 4,284 home sales counted in Montreal in March represented a three per cent dip compared to 2013 and the fourth month in a row where sales declined.
No property type was immune to the decrease: sales of single family homes and plexes declined by one per cent while condo sales dropped by seven per cent.
Vaudreuil-Soulanges maintained its hot sales streak with transactions jumping nine per cent from last year, the highest increase in the region and the sixth consecutive monthly increase in sales in the area. Sales grew by one per cent on the Island of Montreal while the South Shore registered the largest decrease with transactions dropping by eight per cent.
As at March 31, 2014, there were 35,947 active listings, up nine per cent compared to the same period last year. Condo supply increased by 11 per cent, year-over-year.
“Even though the number of condominium listings continues to rise, the increase observed in March was the smallest since November 2010,” said Diane Menard, Vice-President of the GMREB Board of Directors, in the news release.
GMREB believes the market for single-family homes and plexes remained balanced in all of the main geographic areas except for Vaudreuil-Soulanges, where buyers have the upper hand. The condo market throughout the region continues to favour buyers as well.
Prices for single-family homes rose by two per cent from 2013 to $280,000, the sixth consecutive monthly increase. The Island of Montreal and the North Shore both registered an increase of two per cent, while the South Shore saw price decline by one per cent, Laval recorded a two per cent decrease and Vaudreuil-Soulanges’ prices fell by seven per cent.
The median price of condominiums rose by one per cent to $225,000. Laval led increases with a four per cent bump, followed by the Island of Montreal and the North Shore, with both areas seeing prices inch up by one per cent. The South Shore posted a decrease of two per cent compared to March 2013.
All property types recorded price growth, including plexes, which rose by two per cent to $426,502 in the region.
For more details check out the table below: