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Residential sales rise for first time in 14 months in Montreal

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guest | 15 Jul 2011, 03:17 PM Agree 0

The median price of $275,000 for a single family home in June also was up, rising 6% compared to the same period last year. The condominium median price was up 5% to reach $223,750, and plexes of two to five dwellings were up 6% since last year to reach $409,000.Still, GMREB Vice President Diane Menard said the numbers should be taken with the proper perspective.“The increase in sales in June is encouraging news, but it must be interpreted with caution as we are comparing June 2011 results with those of June 2010, when sales had decreased by 20%,” she said. “With this increase, sales in the Montreal area are approaching the levels that were seen in June 2007 and 2008 – two prosperous years for the real estate market.”Sellers are sensing the market shifting to their favour, and active listings are now up 19% in Montreal compared to last year, to reach 23,540. New listings are also up 7% to reach 5,201.The greatest increase in sales has been with condos, up 12% since last year to 1,131. Single family homes were up 1% to 1,985, and plexes were up 3% to 382.The regions of Montreal showed a varied picture, however. Condos in Laval were down 2% to a median of $198,500 in June compared to last year. Sales for Laval condos were mostly flat, up 2% to 92.Yet Montreal Island saw condo sales up 17% to reach 721, and median condo prices were up 6% to a median in June of $265,000.Of the reported regions, Vaudreuil-Soulanges had the largest increase in median price for a single family home, up 7% to reach $262,500 in June. Sales were also up 7% for single family homes there to 160.
  • Rosy Saadeh | 15 Jul 2011, 04:06 PM Agree 0
    It doesn't surprise me because more and more Montrealers are opting to buy a home rather than rent. They're seeing real estate as a sound investment.
  • Rosy Saadeh | 15 Jul 2011, 05:06 PM Agree 0
    It doesn't surprise me because more and more Montrealers are opting to buy a home rather than rent. They're seeing real estate as a sound investment.
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