Residential Sales Increase due to a Rebound in Condominium Transactions

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, 2,593 residential sales transactions were concluded in July 2014, a 2 per cent increase compared to July of last year. This was the second consecutive monthly increase in sales, as the increase registered in June put an end to eight consecutive decreases.

 

There has been a significant rebound in condominium sales in the past two months in the Montréal area,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “What’s more, condominium prices also strengthened significantly in July,she added. 

After registering a 7 per cent increase in June, condominium sales across the CMA jumped by 13 per cent in July. Plex sales increased by 3 per cent, while single-family home sales fell by 4 per cent.

Geographically, the number of transactions increased on the South Shore (+9 per cent), on the Island of Montréal (+8 per cent) and in Laval (+5 per cent). In contrast, the North Shore and Vaudreuil-Soulanges did not contribute to July’s sales growth, posting respective decreases of 11 and 22 per cent.

Throughout the Montréal CMA, the median price of condominiums reached $235,000, a 3 per cent increase compared to July of last year. The median price of single-family homes rose by 1 per cent to reach $287,500, while that of plexes increased by 7 per cent to reach $449,000.

 

 

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