Photo: T.E.A Photography/Flickr
Though the last year has been a bit rough on the Montreal real estate market, the summmer has started off sunny. According to the Greater Montreal Real Estate Board (GMREB), there were 3,298 residential sales in the Montreal region in June 2014, a 3 per cent increase from last year.
This was the first increase in sales in nine months, a notable fact considering May home sales actually dropped 6 per cent from 2013.
“The increase in sales that we saw in June is largely due to the 14 per cent increase in condominium transactions on the Island of Montreal,” said Diane Ménard, Vice-President of the GMREB Board of Directors, in the news release.
“In fact, this was the most active month of June in the past three years for condominiums on the Island of Montreal, which bodes well for the rest of 2014.”
Condos transactions rose by 8 per cent year-over-year across the region, the first increase since September. Single-family homes saw more modest growth, with sales rising by 2 per cent and plexes measured a 1 per cent boost.
The most activity was on the Island of Montreal, which record a 10 per cent spike in sales while the South Shore followed with a 2 per cent bump. The other regions, however, saw declines with the North Shore seeing a 4 per cent drop, Laval counting a 2 per cent decrease and Vaudreuil-Soulanges seeing a 1 per cent slide.
Though condos measured the most robust sales growth, the median price for a suite in Montreal remained unchanged at $234,525. Plexes saw the highest price increase, rising by 5 per cent to a median price of $445,650. Single-family homes followed with a 2 per cent rise to $291,000.
The number of listings on the market keep on rising. The amount of properties listed via the Centris system rose 10 per cent from June 2013, making it the 46th consecutive monthly increase in the number of active listings.
For more details check out the table below: