House prices resume upward climb

Condo costs decline

By Robert Frank

Laval single-family home prices jumped eight percent in December, compared to the same month the year before. The increase sharply contrasted with overtaxed Montreal, where those prices fell by five percent during the same period.

Indeed Laval again led all of the areas surrounding Montreal where, overall, the regions December single-family home prices remained flat — posting neither an increase nor a decrease, on average.

The total volume of sales spiked a whopping 37 percent, to $57,580,245, nearly double the percentage on the North Shore which, at 21 percent, came a distant second to Laval in the Montreal metropolitan region in December.

For that category of housing, the uptick marked a Laval’s return as the longstanding destination of choice for the region’s homebuyers, after a sharp, albeit brief correction in real estate prices, earlier in 2014.

Only the South Shore came anywhere close, notching up a five percent increase in prices, the Greater Montreal Real Estate Board reported. North Shore single-family home prices remained flat, while in Vaudreuil-Soulanges, they barely budged, moving up by one percent.

Condos down

In contrast, condo prices were a mirror image in Laval in December, and headed in the opposite direction, falling by four percent compared to the same month in 2013.

In that area, Montreal showed unusual strength. Condos there rose by four per cent during the same period, outpacing the overall region’s increase of two percent.

The North Shore led the way in terms of condo prices, notching up six percent price gains on average, followed by the South Shore at three per cent.
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