Montréal Area Residential Real Estate Market: Slight Decrease in Sales in December 2013
Île-des-Sœurs, January 16, 2014 – The Greater Montréal Real Estate Board (GMREB) today released its residential sales statistics for the Montréal Census Metropolitan Area (CMA). According to the real estate brokers’ Centris ® provincial database, 2,029 residential sales transactions were concluded in December 2013, a 3 per cent decrease compared to December of last year.
“The month of December performed like the average of the previous months,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “We believe we are still feeling the impact of the new mortgage insurance rules that came into force in the summer of 2012,” she added.
All three property categories registered a decrease in sales across the CMA in December 2013 compared to December 2012. Plexes registered the largest drop, at 10 per cent.
Geographically, the Island of Montréal and Vaudreuil-Soulanges were the only two areas to register an increase in sales in December 2013, at 1 per cent and 46 per cent, respectively.
The median price of single-family homes across the CMA rose by 5 per cent in December 2013 to reach $285,000. With the exception of Laval, which registered a 2 per cent decrease, the median price of single-family homes increased by 2 per cent on the South Shore and in Vaudreuil-Soulanges, by 3 per cent on the North Shore and by 6 per cent on the Island of Montréal which was a strong end to the year following sharp decreases in September (-8 per cent) and in November (-5 per cent).
The median price of condominiums, at $230,000, fell by 4 per cent across the Metropolitan Area.
Market conditions for single-family homes remained balanced across the CMA. Vaudreuil-Soulanges was the only area where buyers had the upper hand in the single-family home market, while Laval was the only area where sellers had the advantage.
Average selling times, compared to December of last year, increased by 11 days for single-family homes, by 15 days for condominiums, and by 12 days for plexes.
As at December 31, 2013, there were 27,899 active listings in the Centris ® system, up 10 per cent compared to the same period last year and the 40th consecutive monthly increase.
Property Price Index for December 2013