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Montreal condo prices rise 7 per cent

Montreal condo prices rise 7 per cent

A condo for sale in Westmount (file photo)

A condo for sale in Westmount (file photo)

Photograph by: Allen McInnis, The Gazette

The median price of a Montreal area condo rose seven per cent in March to $225,000, the largest increase since May 2011, even as sales in that housing category softened, Multiple Listing Service data show.

Condo sales, which rose a slight two per cent last month over March 2011, were eclipsed by the sale of plexes, which rose eight per cent, year over year, the Greater Montreal Real Estate Board said Tuesday. However, the median price of plexes appreciated by only one per cent, to $414,500, year over year.

Condo sales have been the most popular property category for nearly two years.

“After holding the title of best-performing property category for many months, condominiums were dethroned by plexes,” said Diane Ménard, vice-president of the GMREB’s board of directors.

Montreal area resales rose four per cent last month, year over year, for the second best March on record, the board said.

Active listings, however, grew by 13 per cent, to 29,425 homes year over year, suggesting buyers will have greater choice during the upcoming spring selling season. For the first quarter of 2012, active listings grew 14 per cent on Montreal Island.

Sales of single-family homes grew by five per cent, with the median price rising five per cent to $272,000.

On Montreal Island, the median price of a single family home rose five per cent to $359,000.