Rebalancing of Montreal Area Real Estate Market in 2013 | South Salem NY Homes

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The Greater Montréal Real Estate Board (GMREB) has released its residential sales statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 36,522 residential sales were concluded in 2013, which represents a 9 per cent decrease compared to 2012. This was the third consecutive annual decrease in sales, and the first time since 2006 that the level of sales fell below 40,000 units.

In the Montréal CMA, the start of 2013 continued from where the second half of 2012 left off, with a 19 per cent decrease in sales in the first quarter and a 10 per cent decrease in the second quarter. The Montréal area real estate market then stabilized in the second half of the year, with a slight 2 per cent increase in sales in the third quarter and a small decrease of 2 per cent in the last quarter.

"The effects of the more restrictive mortgage rules that came into effect in July 2012 continued to be felt in 2013," said Diane Ménard, Vice-President of the GMREB Board of Directors and spokesperson for the Québec Federation of Real Estate Boards (QFREB) for the Montréal area. "All three property categories were affected by the slowdown," she added. Sales of single-family homes fell by 8 per cent while condominium sales decreased by 9 per cent. Plex sales registered the largest decrease compared to 2012, at 11 per cent.
      
Geographically, the number of transactions decreased by 10 per cent on the Island of Montréal and by 11 per cent in the Vaudreuil-Soulanges area in 2013. The South Shore and North Shore registered smaller decreases in sales, at -6 and -7 per cent, respectively, compared to 2012. Finally, the largest decrease in sales was in Laval, where the number of transactions fell by 14 per cent as compared to 2012.
       
The number of properties for sale increased (+13 per cent) for a third consecutive year in the Montréal area. Once again, condominiums (+22 per cent) registered the largest increase in supply, while the increases were less pronounced for plexes (+7 per cent) and single-family homes (+8 per cent).



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