Condo prices rebound in June

By Robert Frank

After enduring a five per cent dip in May, the median price to buy a condominium in Laval bounced back by the same amount in June, compared to the same months a year earlier, the Greater Montreal Real Estate Board reported last week.

The seesaw left Laval condo prices at the same level for the first six months of 2015 as they were for the first half of 2014.

Likewise, the total number of condo sales was up four per cent in June, after a precipitous 17 per cent drop in May. That left total condo sales for the first six months of 2015 off slightly, down one per cent compared to the first half of 2014.

In contrast to the spectacular swings in the condo market, Laval single-family homes have seen slow but steadfast growth.

The two per cent median price rise for single family in June, neatly matched the figure for the first six months of the year.

Vaudreuil-Dorion eclipses Laval

Off-island properties west of Montreal had a remarkable June. Single family home prices in the region that stretches from Dorion all the way to the Ontario border jumped ten per cent.

Vaudreuil-Dorion is particularly popular place for residents of Montreal’s demerged suburbs, who send a significant proportion of their property taxes downtown to support the agglomeration of Montreal municipalities.

That helped to lift off-island single family home prices for the first six months of the year by five per cent, effectively dethroning Laval as Montrealers’ favourite escape destination in 2015.

North Shore condo price increases also surpassed Laval in June. The median price for a North Shore condo rose seven per cent compared to the same month a year before. For the year so far, condo prices are up by one per cent, slightly ahead of Laval.

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