Sales Slow, Prices Hold Steady on Montréal Area Residential Real Estate Market

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[paragraph extra=””]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.[/paragraph]
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[paragraph extra=””]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.[/paragraph]
[paragraph extra=””]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.[/paragraph]
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[paragraph extra=””]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.[/paragraph]
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[blockquote name=”Diane Ménard, Vice-President of the GMREB Board of Directors”]This was the first increase in sales in Laval since July 2012[/blockquote]
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[paragraph extra=””]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.[/paragraph]
[paragraph extra=””]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.[/paragraph]

Greater Montréal Real Estate Board
Île-des-Sœurs, June 6 2014

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