Condo prices bounce back

By Robert Frank
www.thesuburban.com

The median price for a Laval condominium perked up during the first two months of 2015, compared to January and February 2014, the Greater Montreal Real Estate Board (GMREB) reported.

A typical Laval condo went for $220,000, as against $208,600—a more than five per cent rise over the same period in 2014. That price increase led all residential real estate categories in the Montreal region, reflecting Laval’s longstanding desirability as a destination.

That contrasted with the unusual four per cent fall in Laval condo prices that GMREB reported for December, compared to the same month a year earlier.

This year’s median price increase defied a softening market. Total condo sales were down seven per cent compared to last year.

While single-family homes here didn’t reprise the eight per cent price spike that GMREB reported in December, they continued to attract a respectable increase of more than three per cent during the first two months of 2015. The median price for a Laval single-family home rose from $280,000 during the first two months of 2014 to $289,750 in January and February this year.

Total sales of single-family homes have remained flat this year, though, in the wake of the whopping 37 per cent year-overyear spike in sales that GMREB reported for Laval single-family homes in December.

Laval residential real estate prices also continued to outpace the entire Montreal region, where both single-family home prices and condo sales declined by two per cent, though overall median prices inched up two per cent.
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