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Montreal housing sales continue to drop



Montreal housing sales continue to drop

By Allison LampertTHE GAZETTE May 10, 2011

 

Montreal-area housing sales dropped for the 12th consecutive month in April, as the market became balanced in certain off-island suburbs.

Photograph by: Marcos Townsend, Gazette file photo

Montreal-area housing sales dropped for the 12th consecutive month in April, as the market became balanced in certain off-island suburbs, Multiple Listing Service data show.

The housing market in the Greater Montreal Area is becoming softer, as sales dropped 18 per cent, even as active listings rose 17 per cent in April, year over year, the Greater Montreal Real Estate Board said Tuesday. In Vaudreuil Soulanges, the resale market for single-family homes and condos became balanced in April, board data show.

“In addition to the drop in sales, the number of properties available on the market increased for an eighth consecutive month which, as we anticipated, translated into more relaxed market conditions, said Diane Ménard, vice-president of the GMREB’s board of directors.

Housing prices, while still rising, are appreciating more slowly than in 2010.

Last month, the median price of a single-family home in the Montreal area reached $265,000, up six per cent from April 2010. By comparison, the median price of a single family home in 2010 rose nine per cent over April 2009.

The median price of condos rose four per cent to $219,000, up four per cent compared to April of 2010. Last year, the median condo price was up 10 per cent.

“A sign that the market is becoming more relaxed is the fact that price increases were once again more moderate this month, as we had predicted,” Ménard said.

The Montreal-area figures follow new data released Monday by the Canadian Real Estate Association, which revised its forecast upward after the sale of some multi-million-dollar homes in the Vancouver area started pushing prices up.

alampert@thegazette.canwest.com

source :The Montreal Gazette


Read more: http://www.montrealgazette.com/business/Montreal+housing+sales+continue+drop/4759326/story.html#ixzz1NIxjF0FP