Montréal Area Registers Smallest Decrease in Residential Sales in the Past Six Months

Île-des-Sœurs, May 8, 2013 – According to the real estate brokers’ Centris® provincial database, there were 4,605 residential sales transactions concluded in the Montréal Census Metropolitan Area (CMA) in April 2013, said the Greater Montréal Real Estate Board (GMREB). Although this represents an 11 per cent decrease compared to April 2012, it was the smallest drop in sales in the past six months.

“Sales have decreased every month since the entry into force of the new mortgage rules last July,” said Diane Ménard, Vice-President of the GMREB Board of Directors. “Despite the drop in sales, April 2013 was a better month than that of April 2011, when 4,474 transactions were concluded,” she added.

All three property categories registered a similar decrease in sales in April 2013. Sales of single-family homes fell by 11 per cent, condominium sales dropped by 10 per cent and plex sales slipped by 13 per cent compared to April of last year.

All five main areas of the Montréal CMA registered a decrease in sales in April 2013 compared to April 2012. The largest decreases, for a second consecutive month, were in Laval (-20 per cent) and Vaudreuil-Soulanges (-13 per cent), while the North Shore (-7 per cent) and South Shore (-6 per cent) posted the smallest decreases. Sales on the Island of Montréal fell by 12 per cent.

As for the median price of single-family homes, Laval ($285,000), the South Shore ($270,000) and the North Shore all registered an increase of 2 per cent, while the Island of Montréal ($380,000) registered a 1 per cent increase. The median price of single-family homes remained stable in Vaudreuil-Soulanges ($270,000) compared to April 2012.

As at April 30, 2013, there were 33,099 active listings in the Centris® system, up 16 per cent compared to the same period last year. Once again, the increase in active listings was most noticeable for condominiums (29 per cent). The increase in supply was more moderate for single-family homes (8 per cent) and plexes (12 per cent).

Geographically, the increase in the number of active listings was largest on the Island of Montréal (+26 per cent) and in Laval (+21 per cent). Vaudreuil-Soulanges, the South Shore and the North shore registered respective increases of 14, 9 and 4 per cent.