Photo: Erik De Leon/Flickr
Has the Montreal market turned a corner? June’s boost in sales broke an eight month long run of year-over-year decreases and now the Greater Montreal Real Estate Board (GMREB) is reporting another increase in July. The region counted 2,593 residential sales last month, a 2 per cent uptick over 2013.
As was the case in June, condos helped push sales up in July. Condo transactions jumped by 13 per cent in July, followed by plex sales, which rose by 3 per cent. On the other hand, single-family home sales dropped by 4 per cent.
The South Shore measured a 9 per cent bump in sales, while the Island of Montreal followed closely behind with an 8 per cent boost. Laval also recorded robust sales, with a 5 per cent year-over-year increase.
The overall sales tally was pulled down by the North Shore and Vaudreuil-Soulanges, which saw 11 and 22 per cent decreases respectively.
“There has been a significant rebound in condominium sales in the past two months in the Montreal area,” said Diane Ménard, Vice-President of the GMREB Board of Directors, in the news release. “What’s more, condominium prices also strengthened significantly in July.”
The median price for a Montreal-area condo rose 3 per cent to $235,000 in July. Plexes increased by 7 per cent to $449,000, while single-family homes saw more modest price growth with a 1 per cent boost to $287,500.
However, the amount of properties on the market continues to rise. The number of homes listed on the real estate brokers’ Centris system in July 2014 was 10 per cent higher than one year earlier, the 47th month in a row that measured a year-over-year rise in active listings. Condos, however, registered the smallest increase in active listings with an increase of 7 per cent.
For more details check out the table below: