2010 ended well in terms of residential sales in Montréal, according to new figures released from Greater Montréal Real Estate Board. In fact, 2010 was the second best year on record for sales.
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2010, A Year of Real Estate In Review
2010 has been a year that resembled an amusement park roller coaster ride, complete with twists & turns . But the year will also go down in the record books as the year that realtors took a good look at the value added services clients are paying for. Or choosing not to. Here’s a look at some of the events that made headlines this past year:...
Read More “There were two distinct phases in 2010. The first four months of the year were very active as many consumers bought their properties earlier than planned in order to avoid a possible increase in mortgage rates. Then the real estate market began to slow down in the following months and posted eight consecutive monthly sales decreases," said Diane Ménard, Vice-President of the GMREB Board of Directors. "However, the strong start to 2010 compensated for the loss of momentum later on in the year, and the real estate market actually finished the year with a slightly higher number of transactions compared to 2009, but fewer transactions compared to the record set in 2007," she added.
Over 2009, sales transactions increased by 1%, with a total number of transactions coming in at 42,347.
Examining property by category, condominiums saw the largest rise in sales in 2010. This was the sole category to actually register an increase in the Montréal area proper. There were 12,668 condominiums sold, which zoomed by the 7 % in 2009- which was the previous record. Sales of single-family homes and plexes flat in 2010, with only a modest dip of 1% , over 2009.
Regionally, Laval and Vaudreuil-Soulanges reported the largest upswing for sales in 2010; Both areas reported 4 % increases over 2009. This increase was driven by the popularity of condominiums-where condominium sales increased by 28 % in the Vaudreuil-Soulanges area and by 15 % in Laval. Robust condominium sales on the Island of Montréal , where there was a rise of 7% and on the North Shore, where there was a rise of 10 % contributed to the growth in these two areas, which ended the year with a 2 % increase in sales over 2009. The only region to register a decline was the South Shore – where sales dropped by 2% over 2009.
“Condominiums were primarily responsible for the strong 2010 real estate market due undoubtedly to their affordability. It also leads us to believe that there were many first-time buyers on the market in 2010, as this property category is most popular with first-time buyers who also took advantage of low interest rates," said Ms. Ménard.
In terms of prices, all three housing categories registered gains in median price, over 2009. The median price of single-family homes went up by 7% to reach $252,000, while that of condominiums went up by 8%t o reach $210,000. Similarly, that of plexes rose by 9% to reach $380,000.