The Greater Montreal Real Estate Board (GMREB) counted 4,011 residential sales in May 2014, a 6 per cent decrease compared to the same time last year. The decline follows the trend set in late 2013: there’s been in a drop in sales every single month since December.
Plexes bore the brunt of the decline, with sales falling by 20 per cent. Single-family homes and condominiums registered a 4 per cent and 5 per cent decline, respectively.
The Island of Montreal and Vaudreuil-Soulanges both registered the biggest declines in the region with transactions dropping by 12 and 10 per cent. Few parts of the region escaped the same fate: sales declined by 5 per cent on the North Shore and 1 per cent on the South Shore.
However, Laval managed to come out of its longtime sales rut. “This was the first increase in sales in Laval since July 2012,” said Diane Menard, Vice-President of the GMREB Board of Directors, in the news release.
Price growth was tepid for every property type, save for plexes, which measured a 3 per cent increase, rising to a median price of $442,000. Condo prices saw a slight dip, declining 1 per cent to the median price of $226,287 while the $285,000 median price for single-family homes remained unchanged.
The amount of homes on the market continued to increase with 35,866 active listings in the Centris system last month, up 10 per cent from May 2013. The number of properties for sale has increased every single month for the past 45 months.
For more details, check out the table below: