Residential Sales Decrease in August in the Montréal Area

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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, 2,234 residential sales transactions were concluded in August 2014, a 6 per cent decrease compared to August of last year. This drop in sales follows increases of 3 per cent and 2 per cent registered in June and July, respectively.

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[paragraph extra=””]“We are witnessing changes from one month to the next, as August’s results differed significantly from those of July in many respects,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “The most notable difference was in the number of condominium transactions, which fell by 11 per cent in August after jumping by 13 per cent in July,” she added.[/paragraph]
[paragraph extra=””]The two other property categories also registered a decrease in sales in August, as sales of single-family homes fell by 3 per cent and plex sales tumbled by 9 per cent.[/paragraph]
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[paragraph extra=””]Geographically, all five main areas of the Montréal CMA registered a drop in sales in August, with sales falling by 4 per cent on the Island of Montréal and in Vaudreuil-Soulanges, by 5 per cent on the North Shore, by 8 per cent in Laval and by 9 per cent on the South Shore. “However, just last month, the South Shore registered the largest increase in sales,” said Ms. Ménard.[/paragraph]
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[paragraph extra=””]The median price of single-family homes across the Montréal CMA remained stable compared to August of last year, at $285,000. The median price of condominiums fell slightly by 1 per cent to reach $230,150. This was the first decrease in eight months for condominiums. Finally, the median price of plexes stood at $439,000 in August 2014, a 2 per cent increase compared to August of last year.[/paragraph]
[paragraph extra=””]The number of properties listed on the real estate brokers’ Centris® system continued its upward trend, rising by 9 per cent in August 2014 compared to August 2013.[/paragraph]

Greater Montréal Real Estate Board
Île-des-Sœurs, September 8, 2014

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[blockquote name=”Diane Ménard, Vice-President of the GMREB Board of Directors”]We are witnessing changes from one month to the next, as August’s results differed significantly from those of July in many respects[/blockquote]
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