By Robert Frank
Laval condominium prices fell five per cent in May, compared to the same month last year, the Greater Montreal Real Estate Board reported.
The number of condo sales slid 17 per cent in May, hot on the heels of a 23 per cent increase in April, when developers sold off surplus inventory.
Single family home sales stayed firm though, notching up a four per cent increase, though the median price dipped slightly by one per cent.
The softer sales pulled down Laval’s totals for the year to date. Single family homes sales are still up by two per cent and prices up one per cent in 2015 over the first five months of 2014. Condominium sales and prices are both down by two per cent though, year over year.
North Shore condo prices fell even further in May, down seven per cent, despite a much smaller drop in sales than Laval of eight per cent.
Montreal, in contrast, has witnessed a residential real estate rebound in the wake of depressed home prices during Pauline Marois’ Parti québécois government. Single family home sales there jumped 26 per cent in May, posting price increases of six per cent. That followed a remarkable 33 per cent spike in sales in April, in tandem with a five per cent price rise.
Montreal condo sales, which rose eight per cent, saw a seven per cent median price hike in May in the wake of a four per cent rise in April.