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Suburban home sales beat out downtown condo sales in second quarter: QFREB

Suburban home sales beat out downtown condo sales in second quarter: QFREB

Second quarter real estate sales show that suburban dwellings are more popular despite the hype of the downtown condo market.
 

Second quarter real estate sales show that suburban dwellings are more popular despite the hype of the downtown condo market.

Photograph by: Tim Snow , The Gazette

MONTREAL - Montreal’s new downtown condo market might be generating headlines, but the strongest sales in the second quarter of the year were for homes in the suburbs, the Quebec Federation of Real Estate Boards said Monday.

Fuelled by low interest rates, and improved job creation, sales in the Greater Montreal Area grew 10 per cent compared to the same period a year earlier — the largest increase since the first quarter of 2010, the federation wrote.

Sales of homes in the suburbs grew in the double digits, rising more than 10 per cent, compared to a five per cent increase on Montreal Island, the federation noted in a report covering the three months from April to June.

Sales rose 17 per cent in Laval compared to the second quarter of 2011, followed by the South Shore, where sales rose 16 per cent.

Although median prices in all housing categories continued to rise, year over year, they grew more slowly during the second quarter compared to the first three months of the 2012. Customers have a wider selection of homes to choose from, as the number of active listings also grew nine per cent compared to the same period in 2011, rising for the seventh consecutive quarter.

The median price for condos, now a balanced market, rose three per cent compared to the second quarter of 2011 to reach $226,100. By comparison, the median price for condos during the first quarter was up four per cent, year over year.

On Montreal Island, the median price for condos in the downtown Ville Marie sector, where a flurry of new developments have been announced in recent months, rose 10 per cent during the quarter.

alampert@montrealgazette.com

Twitter: @RealDealMtl