Prices pulled back in March, April

No homes brought prices over $2 million in either month, the highest being $1,800,000 for 174 Edgehill Road in March, a house which had been transferred for $2,120,000 just last August. Next-highest was 50 St. Sulpice Road in April, but in fact that house brought less than its tax evaluation even though it included some land on the Montreal side of the municipal boundary. The lowest price in March was $565,000 for 507 Claremont Avenue, one of the 1960’s townhouses built just south of Côte St. Antoine Road. In April, 7 Winchester came in even lower, at $478,750 one of only four sales so far this year to come in at less than $500,000.

With the substantial increase in the new municipal evaluations, there were plenty of sales with prices less than their tax value, six of 14 in March and nine of 17 in April. The average markup for March was just over 10 per cent, while for April it dipped to three per cent. Biggest markdown in March was 507 Claremont’s 22 percent, while 4337 Westmount Avenue brought a 26-per cent markdown in April. Markups included a substantial 87 per cent for 25 Willow Avenue in March but only 54 per cent for 4454 de Maisonneuve Boulevard in April.

In March, the only apartment sale involved a 30-per cent share of the triplex at 235 Clarke Avenue — specifying the rights to Apt. 2 — which changed hands between the share owners of the building. Then in April there were three condominium sales including two at 1 Wood Avenue and one more at 4476 St. Catherine Street. The condo association at 1 Wood also divested itself of one parking space and four lockers which it still owned, all for substantially less than the municipal evaluations, but about the same as prices paid for similar lockers during the last sell-off in 2005. Basically, the price is $2,500 per locker, despite the city’s insistence that they have a value of $6,100 each.

For the apartments, the lowest price was $160,000 for Apt. 207 at 1 Wood, which when the garage is added has a valuation of some $317,500. One floor higher, Apt. 304 went for a cool $775,000, highest price of the month for a condo and some 25 percent above its municipal evaluation.

No commercial or apartment buildings sold in either month.