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Montreal house prices hold steady

 

The Gazette

 

 

Monday, October 06, 2008

 

 

Montreal's real-estate market remained steady during the third quarter, with average house prices experiencing single-digit gains, according to a House Price Survey report released yesterday by Royal LePage Real Estate Services.

 

A decline in unit sales was recorded, however. While activity levels have rescinded since last year, average listing periods have actually shortened by a few days, compared to the same period 12 months prior. Of the 10 Montreal markets examined, the average price of a detached bungalow increased by 4.8 percent to $236,045, a standard two-storey home appreciated by 0.5 per cent to $336,381 and a standard condominium rose by 4.4 per cent to $204,336, year-over-year.

 

"House prices in Montreal are inching upwards, despite an increase in listing inventory and the fact that there are slightly fewer unit sales," said Gino Romanese, senior vice-president of Royal LePage Real Estate Services Ltd.

 

"When looking at Montreal's current housing market, we need to realize that 2007 shattered records," he added.

 

"It's unrealistic to believe that that pace can be kept up for very long."

 

© The Gazette 2008

 

http://www.canada.com/montrealgazette/news/business/story.html?id=952e9c04-7da1-4b47-8865-fd882d7d860b

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