Montreal residential real estate sales fall for first time in six years

A home for sale sign is shown on the west island of Montreal, Saturday, November 4, 2017. (THE CANADIAN PRESS/Graham Hughes)

Residential sales in metropolitan Montreal fell in February for the first time in six years as transactions plunged outside Quebec's largest city.

The Quebec Professional Association of Real Estate Brokers says the number of sales decreased three per cent from a year earlier to 5,106 homes for the first February decline since 2015.

Sales decreased 32 per cent in St-Jean-sur-Richelieu, 14 per cent in Laval, 10 per cent in Vaudreuil-Soulanges and eight per cent on the South Shore. However, sales increased six per cent on the Island of Montreal due to the strength of the condo market.

Sales of plexes with two to five units increased 19 per cent, single-family homes fell 14 per cent and condo sales were up eight per cent.

The median price for single-family homes increased 28 per cent to $460,000. Condominium prices rose 24 per cent to $340,000 and plex prices climbed nine per cent to $650,000.

Total sales in metropolitan Quebec City increased six per cent with condos up 50 per cent and plexes 48 per cent higher. Single-family homes were down 11 per cent.

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