Laval and North Shore Performed Best in Slower Real Estate Market
Île-des-Sœurs, March 11, 2013 – According to the real estate brokers’ Centris® provincial database, the number of sales in the Montréal Census Metropolitan Area (CMA) in February 2013 decreased by 22% as compared to number of sales in February 2012, said the Greater Montréal Real Estate Board (GMREB).
"The slowdown of residential sales in February occurred for all property categories and all regions of the Montréal CMA" stated Patrick Juanéda, Chairman of the GMREB Board of Directors. "However, the North Shore of Montreal registered the lowest decrease of the number of sales. Furthermore, the number of active listings remained stable in this region along with balanced market conditions and registered the greatest increase of the median price for both single-family homes and condominiums," he added.
A total of 3,415 sales took place in February 2013, the lowest level for the month of February since 2009. All property categories showed a decrease in the number of transactions as compared to February 2012. Single-family homes registered a 22% decrease, condominiums a decline of 23% while plexes posted a 25% reduction.
The decline in residential sales from February 2012 to 2013 was felt by all five major regions of the Montréal CMA. Whereas Vaudreuil-Soulanges decreased by 42%, the Island of Montréal posted a 28% decrease and the South Shore a drop of 21%. Laval and the North Shore registered the smallest decreases, respectively 14% and 12%.
In terms of prices, single-family homes registered a 2% increase ($270,000) of the median price as compared to February 2012, and plexes increased by 6% ($435,000). The median price of condominiums ($219,000) remained stable.
“Across the Montréal Metropolitan Area, the number of active listings increased by 10% as compared to February 2012,” said Paul Cardinal, Market Analysis Manager at the Québec Federation of Real Estate Boards. "The increase in active listings was especially observed on the Island of Montréal while the increases were more moderate in the other major regions. This increase of active listings is largely due to the fact that the properties remain on the market for a longer time. In fact, all property categories posted longer average selling times than in February 2012. In total, more than 31,000 residential properties were available to buyers last February in the Montréal area.”
MLS® Home Price Index for February 2013
For more information, please visit www.indicedesprixdesproprietes.ca.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with more than 10,000 members: real estate brokers. It is the second largest board in Canada and its mission is to actively promote and protect its members’ professional and business interests in order for them to successfully meet their business objectives.
Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources to Québec’s 12 real estate boards and their 14,000 real estate brokers. Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address.