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Montreal Real Estate Board:

Home Prices Increase While Sales Drop

In the Montreal Metropolitan Area, MLS sales decreased by 30 per cent in February 2009 compared to the same month last year while, at the same time, the median price of single-family homes increased by 2 per cent, reported the Greater Montreal Real Estate Board. "Sales are still slow in comparison to last year at the same time, but the positive sign is that prices are still up over last year, with condos leading the way with a 6 per cent increase in pricing," said the Board's CEO, Michel Beausejour.

"For the second consecutive month, there has been a decrease in the number of new listings," added Beausejour. "This is an interesting situation because it shows that, despite the economic situation and the lack of consumer confidence in the economy, there is no increase in the number of property owners wanting to sell. Montreal is actually in a decent position when compared with other major Canadian cities such as Toronto, Vancouver and Calgary, which are not only seeing a large drop in sales, but are also seeing a drop in prices."

In February 2009, the median price of a single-family home grew by 2 per cent compared to the same month last year, to reach $225,000. The median price of condominiums grew by 6 per cent, while that of plexes fell slightly by 1 per cent.

In terms of sales, there was a 30 per cent decrease in sales of single-family homes in February 2009 compared to February 2008. Sales of condos decreased by 32 per cent and sales of plexes fell by 27 per cent.

Geographically, sales in Laval decreased by 20 per cent in February 2009 compared to the same month last year. Sales were down 25 per cent in Vaudreuil-Soulanges, 30 per cent on the North Shore, 31 per cent on the South Shore and 32 per cent on the Island of Montreal

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On February 28, 2009, the number of active listings on the MLS system increased by 13 per cent in comparison with the same date last year.

March 4, 2009 in Canadian Real Estate Market | Permalink

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Comments

Its alwasy good to read about the reale state maket and news of other markets. Thanks for the article.

Posted by: Austin Texas Real Estate | Jun 16, 2011 4:31:03 PM

thanks for the article. interesting. :)

Posted by: Arezou | Mar 19, 2009 12:27:57 AM

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