Property prices up in first quarter

By Robert Frank

Laval residential real estate remained solid investment during the first quarter of 2015, reported the Greater Montreal Real Estate Board (GMREB), despite an increase in supply, which saw a nine per cent jump in active listings, compared to last year.

Median property prices saw a two per cent gain over the first quarter of 2014, the final months of the Parti Québécois minority government. The overall increase was the same for both single-family homes and condominiums—despite a four per cent year-over-year drop in condo sales during the first quarter.

Laval led price increases throughout the region, save for the Montreal, which saw three per cent increases in both categories. Montreal property prices had suffered severely during the 18 months of Pauline Marois’ hardline régime, which targeted the non-francophones who comprise the majority of the island’s population.

Vaudreuil-Soulange posted the poorest performance, with a one per cent fall in median prices for single-family homes on a seven per cent drop in sales, though its condo sales there increased two per cent, lifting prices lightly by one per cent.

Laval condo prices ebbed in March this year, though. GMREB reported that sales were flat, compared to March 2014, leading median condo prices to fall by two per cent.

However, sales of single-family homes rose four per cent over March last year, lifting prices two per cent  Laval posted the property price increase despite a 15 per cent spike in new listings, which drove up the total number of active listings 10 per cent.
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