Île-des-Sœurs, May 7, 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, 4,184 residential sales transactions were concluded in April 2014, a 9 per cent decrease compared to April of last year. This was the fifth consecutive monthly drop in sales.
All three property categories registered a similar decrease in the number of transactions, at 8 per cent, 9 per cent and 8 per cent, respectively, for single-family homes, condominiums and plexes. In the case of condominiums, the sales decrease in April was the seventh consecutive drop.
Geographically, all five main areas of the CMA were affected by the downturn in sales. The smallest decrease (-5 per cent) was observed in Vaudreuil-Soulanges, putting an end to six consecutive increases in sales in this area. Laval, the South Shore and the Island of Montréal registered decreases of 6, 8 and 9 per cent, respectively, while the largest drop in sales was on the North Shore, where the number of transactions fell by 10 per cent compared to April of last year.
Prices Hold Steady
Across the CMA, the median price of single-family homes ($282,000), condominiums ($225,000) and plexes ($429,000) all increased by 1 per cent in April 2014. It should be noted that the median price of single-family homes rose by 4 per cent on the South Shore.
As at April 30, 2014, there were 35,904 active listings in the Centris® system, up 9 per cent compared to the same period last year. The number of properties for sale has increased for the past 44 consecutive months.
“Given the increase in the number of listings and the decrease in the number of sales in recent months, buyers are regaining bargaining power, particularly if they’re shopping for a condominium, as market conditions clearly favour buyers in most areas,” said Diane Ménard, Vice-President of the GMREB Board of Directors.
Finally, average selling times increased by 9 days for single-family homes (91 days) and by 15 days (113 days) for condominiums while, on average, plexes were sold in 78 days, 9 fewer than in April 2013.
Property Price Index for March 2014