Laval home sales down, prices up

By Robert Frank

Although residential property sales declined by nine
percent in Laval during the third quarter of 2012, compared with the same quarter a year ago, prices have continued to rise, the Greater Montreal Real Estate Board
(GMREB) reported, Oct. 16.

Sales of plexes—buildings that house two to five residences—were down the most sharply by 14 percent.
Condominium sales were down 12 percent and single-family dwellings down seven percent.

Meantime, median prices, buoyed by low interest
rates, continued their upward path, with condos rising
by eight percent to $215,000; single-family homes by six
percent to $286,000 and plexes by four percent to a median price of $402,000.

The average time it takes to sell a single-family home in Laval increased by five days to 70 days compared the
same period a year ago.

Comparing the first three quarters of 2012 to 2011,
Laval housing sales are still up by four percent, with
median prices up four percent for single-family homes
and five percent for condos, while plex prices plateaued.

“The downward trend extended to most of the
Montreal metropolitan areas,” GMREB vice-president
Diane Ménard said in a statement. “This slowdown can
most probably be explained by the newest tightening of
mortgage insurance rules.”

A notable exception to the downward trend in sales is
the North Shore, where home sales continued to
increase by one percent.

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