Montreal sales rise to pre-recession levels, prices follow
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07/03/2010 8:00:00 AM
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Real estate sales volume last month in the Montreal Metropolitan Area shot up 45 per cent over the same time last year, according the latest figures.
With 4,465 sales transactions in the area this February, they were also one per cent higher than February 2008, just before the recession, according to data from the Greater Montreal Real Estate Board (GMREB).
The board's CEO, Michel Beausejour, said that broader context is necessary when analyzing the data.
"February 2008 offers a better point of comparison, since the recession had not yet started," he said.
Condo sales in the Montreal area were up 5 per cent from 2008, whereas single family homes were down 1 per cent . Meanwhile, the number of homes for sale dropped 19 per cent.
Prices followed along. Condo prices rose 5 per cent to reach $197,000. Single family homes also rose, however, up 9 per cent to reach $245,000 in February. Plexes grew by 15 per cent to reach $378,500.
"The decrease in the number of homes for sale in the Montreal area in February 2010 explains why prices went up, especially in the case of plexes," said Beausejour. "But it is important to mention that buyers still have a lot of choice with 22,528 properties for sale in Montreal Metropolitan area."