High-end housing is fetching premium prices. Single family homes in Laval sold for an average $319,042 during the past twelve months, up two per cent from the same period the year before, the Quebec Federation of Real Estate Boards (QFREB) reported.
The median price, in contrast, remained flat at $290,000, highlighting the popularity of luxury properties in Laval.
Mainstream demand drove plex sales though. It pushed the median price for the multi-residential buildings up five per cent to $425,000, bringing it nearly in line with the average price which rose more slowly by three per cent to $427,036.
On average it took 89 days (up nine days) to sell a single-family home and 120 days (up 15 days) to sell a condo. Laval plexes again bucked the trend by dropping three days to 97, down from the 100 days that it took on average to sell one, in the year before.
Overall, QFREB concluded that the market for single-family homes remains balanced, while plexes are a buyer’s market and condos even more so.
A breakdown by price, though, showed that single-family homes are a seller’s market up to $300,000, and that beyond $350,000, are a buyer’s market.
Varies by district
Single-family homes in Sainte Dorothée and Laval sur le Lac saw the biggest jump where the median price rose six per cent to $364,250. Mirroring the overall Laval trend, the average price climbed even faster, spiking eight per cent to reach $405,895 during the past twelve months.
For high-end condos sellers, Duvernay was the place to be. Over the past year, the average price spiked eight per cent to $246,637, while the median prices stayed flat at $228,500. Single-family Duvernay homes barely budged. The median price was up just one per cent to $338,000. It only became a buyer’s market once prices passed the $400,000 mark.
Northwestern Laval also fared well. The median single-family home price in Fabreville and Laval West rose four per cent to $261,000, while condos climbed three per cent to $212,000.
North-central Laval posted the poorest performance. The median condo price sagged to $196,250 in Sainte Rose, Auteuil and Vimont, down three per cent. Single-family homes there proved to be a seller’s market and performed better. The median price lifted lightly by two per cent to $300,000. QFREB’s more detailed breakdown showed that it didn’t become a buyer’s market until prices surpassed $450,000.
Single-family homes sagged more slightly in Downtown Laval, QFREB’s term for Chomedey, Laval des Rapides and Pont Viau, where the median price fell one per cent to $292,000. Pricewise, it remained a seller’s market only until the $275,000 mark. The median condo price there remained flat at $215,000.
