Prices, sales slip as housing market softens

Feb 8, 2013 -

MONTREAL — The median price of a Montreal Island condo slipped four per cent in January, year over year, as the softening housing market hit sales of higher end homes, in addition to properties attractive to first-time buyers, real estate board data published Friday said.

On Montreal Island, sales of condos worth $300,000 and over slipped 18 per cent, compared to 16 per cent for less expensive apartments — a gap which contributed to the drop in the median price of a condo to $252,000, the Greater Montreal Real Estate Board said. July changes in the federal rules on insured mortgages tended to weaken sales of lower priced condos in Montreal during the remaining few months of 2012, a trend that bolstered the median price.

Indeed, transactions in Montreal varied widely last month, depending on price point and neighbourhood. On Montreal Island, condo sales plunged 45 per cent in the southwest and 21 per cent in N.D.G., even as they rose 13 per cent in Hochelaga Maisonneuve, compared to January 2012.

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Marlene Ofter

Marlene Ofter

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