Sales Slow, Prices Hold Steady on Montréal Area Residential Real Estate Market
Île-des-Sœurs, June 6, 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, 4,011 residential sales transactions were concluded in May 2014, a 6 per cent decrease compared to May of last year. This was the sixth consecutive monthly drop in sales.
The decrease in sales in May was more pronounced for plexes, as sales of this property category fell by 20 per cent. Single- family homes and condominiums registered a similar drop in sales, at 4 per cent and 5 per cent, respectively.
Geographically, the Island of Montréal and Vaudreuil-Soulanges were the areas most affected by the decrease in sales, with respective drops of 12 and 10 per cent. Sales fell by 5 per cent on the North Shore and by only 1 per cent on the South Shore. Laval, however, bucked the downward trend by posting a 4 per cent increase in sales. “This was the first increase in sales in Laval since July 2012,” noted Diane Ménard, Vice-President of the GMREB Board of Directors.
Across the CMA, the median price of single-family homes sold in May 2014 was identical to that registered in May of last year, at $285,000. The median price of condominiums stood at $226,287, a slight decrease of 1 per cent, while that of plexes (2 to 5 dwellings) increased by 3 per cent to reach $442,000.
As at May 31, 2014, there were 35,866 active listings in the Centris® system, up 10 per cent compared to the same period last year. The number of properties for sale has increased for the past 45 consecutive months.
Finally, sales times continued to increase compared to May 2013. On average, it took 91 days (+9 days), 115 days (+10 days) and 85 days (+5 days) for a single-family home, a condominium and a plex to sell.
SOURCE: GREATER MONTREAL REA ESTATE BOARD by Centris