Laval and North Shore led condo sales increases last year. They both posted 22 percent growth in total sales volume in 2017.
The median price for a Laval condo stood at $225,000 in December, up six percent from the same month in 2016, the Greater Montreal Real Estate Board (GMREB) reported. The corresponding figure for North Shore a condo was $174,000, up two percent.
Montreal, where condo sales also thrived last year, trailed its northern neighbours with 18 percent year-over-year growth. However, with property buyers willing to pay a premium for proximity to the metropolis, the median price rose to $325,000 in the last month of the year, up nine percent from December 2016.
“Condominiums just registered their largest monthly price increase in almost seven years,” GMREB chairman Martin Cousineau said in a statement.
Montreal condo prices shot up nine percent in December, compared to December 2016, on a 37 percent spike in sales. While the price increase that month was lower in Laval, Île Jésus saw total sales soar a whopping 51 percent, in the same month-over-month comparison. North Shore sales increased a respectable 27 percent, in December, tallying a two percent median price increase.
“The number of months of inventory has been falling steadily for two years now, and this is increasingly reflected by upward pressure on prices,” added Cousineau, who is also executive director of Groupe Sutton Synergie. “Many areas are even in a seller’s market for condominiums.”
On a year-over-year basis, Laval fared slightly better in the sales of single-family homes, up two percent last year, compared to the North Shore, where sales remained flat.
The median price for a Laval single-family home stood at $320,000 in December, up one percent from the same month in 2016. The corresponding figure for North Shore single-family home was $253,848, up one percent.
In contrast, Montreal single-family home sales jumped eight percent in 2017. As with condos, single family home prices also commanded a premium. The median price rose to $450,000 in the last month of the year, up six percent from December 2016.