According to the Greater Montreal Real Estate Board (GMREB), condominium sales in the Montreal region fell nine per cent, year-over-year, in January. In fact, with the exception of plexes (two to five units), all property types registered decreased sales when compared with January 2014 statistics.
“January’s results are a contrast to those of December, when sales increased by nine per cent in the Montreal CMA,” says Diane Ménard, GMREB Board of Directors Vice-President. “Fortunately, the recent drop in interest rates could reinvigorate the real estate market in the coming months.”
Despite the dip in sales, the median price of a condominium in the Montreal Census Metropolitan Area (CMA) grew by five per cent, year-over-year, to $230,485. This was the largest increase of all three property types (single-family homes, condominiums, plexes).
Active listings on the real estate brokers’ Centris® system grew by seven per cent compared to January of last year.