Montreal resales bounce back in January
Greater Montreal real estate sales appear to be bouncing back in January, after a lacklustre December, I’m told.
Real estate brokers fearing December’s dismal market conditions would continue in the New Year, tell me they’re both surprised and relieved that sales are picking up. While the Greater Montreal Real Estate Board is only publishing its December figures at a conference next week, I’ve heard sales for the month dropped by around 15 to 20 per cent, on an annual basis.
“The December market was definitely weaker than (in 2011),” said Nicolas Ayotte, president of Via Capitale. “Since the beginning of the year though, it’s been much more active. I think the activity is picking up.”
Ayotte said a series of positive reports – including stronger-than-expected Canadian job data – may have upped consumer confidence which is leading to improved sales.
Dominic St-Pierre, Royal LePage’s director for Quebec, said his agency’s sales also appear to be picking up after a lacklustre December.
“The market seems to be doing better in January than in December,” he said. “It’s hard for us to say for sure before the end of the month, but January is definitely looking better.
That appears to be the trend in Toronto, where after a weak end to 2012, real estate bounced back in the near year with early numbers for January showing sales up two per cent and prices up four per cent. Early figures for the first two weeks of January are not available for Montreal.