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February Sales: Headed for New Heights

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Westmount real estate agents were working on a different level than the rest of Montreal, it seems, since the average house price zoomed upward and volume was perfectly strong, not as strong as last year but that was because last February was way above average.

The Montreal Real Estate Board highlighted its February monthly report by talking about a decrease in sales volume of 22 percent compared to February last year. The 13 sales in Westmount are well below the 21 posted last year, but not too bad compared to the 16.1 average in the last dozen years. And after a relatively static adjusted price during 2012, if appears the spring demand is going to push prices up strongly in 2013.

Two sales over $3 million in February gave new life to the top end of the Westmount market; only one other house has sold over $3 million since last April, in terms of accepted offers. Nine of 13 sales agreements posted last month were for more than $1 million, and six of the 13 were listed for less than 30 days, an indication that there is a strong interest in local real estate as we move into spring.

February also saw a minimum price of $570,000, lower than all but two prices registered in the past year, involving a house which had been on the market since last April. Another three sales were recorded between $730,000 and $862,500. Only one sale was posted for less than municipal evaluation and markups were as high as 58 percent above tax value, with an average 27 percent markup.

Only two condominium apartments sold in February, bringing the total for the year to three, all between $500,000 and $600,000. In February last year eight condo sales were posted, so it is clear the interest in that type of property is down substantially.

Four houses sold in adjacent-Westmount districts in February, one each in eastern Notre Dame de Grâce and southern Côte des Neiges, two just east of the city limits, one of them over $2 million. Three of the four were sold within 10 days of listing, an indication of strong demand in those neighbourhoods, too.

So despite government efforts to put a lid on the national real estate “bubble,” it appears the Westmount market is headed for new heights.

Posted by andy Posted in: Monthly Analysis No Comments » February 2013