The average price of a home this year in Verdun is $268,000, compared to $246,000 last year.
Resale market remains stable in Verdun
The average price of a home increased this year in Verdun, just like it did last year. The number of transactions slightly increased, while the market remains favourable to sellers.
"The average price of a home this year in Verdun is $268,000, compared to $246,000 last year, which is a substantial increase. The average price for duplexes has increased from $274,000 to $289,000, which is also excellent," reveals Michel Beauséjour, head of the Real-Estate Board of Greater Montreal. From January to July 2007, it took an average of 66 days to sell a home in Verdun, while it took 72 days for the same period, last year. Owners of single-family homes are selling their properties quicker, while the sale of co-ops is taking place a little slower (118 days compared to 101 in 2006).
"It's obvious that the market is solid right now. Both Verdun and L'Ile-des-Soeurs are areas that have an active real-estate market."
"The average value of these homes continues to increase, which isn't the case for many homeowners," explains Mr. Beauséjour. Once again this year, the resale market favours sellers over buyers. The situation however, is far from what was seen in 2003, when a 20% increase on price could be seen. Today, the market is much more balanced and negotiations take place on a level playing field between buyers and sellers."
Prices skyrocket on L'Ile-des-Soeurs
A slight increase on the average price of properties was observed in 2007, while there was a slight decrease observed in the number of transactions. "Inventory is very limited on L'Ile-des-Soeurs, since it's an island and the area is very popular. As well, many residents are not interested in moving. They live there because it's close to downtown Montreal and it's close to nature at the same time. "There was also a slight decrease in co-op sales (188 compared to 122 this year).
The borough isn't following the trend
This past July, on the island of Montreal, an increase of 26% in the number of transactions was observed. This increase surpasses the predictions estimated in October 2006 by the Real-Estate Board of Greater Montreal. The Verdun borough however, has not followed this trend, since its transactions have remained stable.
"We didn't sell many homes in Verdun this July; only two three less than last year. And only five additional sales of condos took place. It also remained stable on L'Ile-des-Soeurs."
The Real-Estate Board of Greater Montreal will announce its predictions for the resale market of 2008 at the end of October.
Steven Guilbeault - Chronique environnement
Richard Cléroux - Le fouineur politique
