Photo: Bob August/Flickr
Following a slight dip in sales in March, Montreal saw a steeper drop in resales in April. The Greater Montreal Real Estate Board (GMREB) reported 4,184 residential sales last month, a 9 per cent drop from the same time in 2013. It also marks the fifth consecutive monthly decrease in sales.
No property type was safe from the decline with condos leading the decrease with 9 per cent fewer sales, followed by single family homes and plexes which both saw an 8 per cent decrease. It was the seventh consecutive month that condo sales decreased as well.
Each of the five areas that make up the region felt the decrease. The smallest decrease was in Vaudreuil-Soulanges, where a five per cent drop put an end to six consecutive increases in sales in this area. Laval, the South Shore and the Island of Montreal registered decreases of 6, 8 and 9 per cent, respectively. The North Shore suffered the biggest decline with, where the number of transactions falling by 10 per cent from April 2013.
However, prices didn’t see the same slide. Across the region, the median price of a single-home rose by 1 per cent to $282,000, while condos and pelxes also saw a 1 per cent bump rising to $225,000 and $429,000 respectively. One of the biggest increases was in the South Shore, where the median price for a single-family homes rose by 4 per cent.
The trend in rising listings hasn’t been broken: in April, there were 5,904 active listings in the Centris system, up 9 per cent compared to the same time last year. Listings have increased every consecutive month for the past 44 months.
For more details check out the charts below: