Both January and February had eight residential sales each, but December’s average price of $1,228,357 dropped to $1,030,500 in January and to $885,356, the lowest raw average monthly price since October 2006.

Prices in January ranged from $600,000 to $2.35 million, the latter involving 60 Summit Circle, corner Upper Bellevue Avenue. Then in February the lowest price was $475,000, the price paid for a duplex at 50-52 Columbia Avenue, while the high price dipped to $1.35 million for 20 Arlington Avenue. In each month there were only three sales over $1 million, cooling down the market which had seen prices close to $3 million late last year.

For the two-month start to 2008, then, the average markup was 23 per cent compared to the 2007 valuation roll, up from 18.5 per cent for all of last year, thus indicating that even if the average price is down slightly, it is still strong historically. On that basis, the 'typical' Westmount house evaluated at $998,480 would have a value of more than $1.22 million, which is still an incredibly strong price for Montreal-area real estate.

Only one condominium sale was registered in January but the $1.33 million paid for the double-sized Apartment 204 at 1 Wood Avenue outshone the four condos sold in February, when the price range was between $218,000 (for Apartment 7 at 343 Clarke Avenue) to $580,000, for 478 Wood Avenue. The latter was the only duplex-type condominium; all the others were in apartment buildings of various sizes and ages.

The only commercial sale on the list, which took place in February, involved three non-connected buildings along Sherbrooke Street, including 4779-85 Sherbrooke corner Grosvenor Avenue, 4873-73A Sherbrooke between Victoria and Prince Albert Avenues, and 417 Claremont Avenue, which also has the address of 4945 Sherbrooke. The three were owned by interconnected companies which transferred them to a numbered company whose president is Philip Molson.

Also in February, another apartment in the 435-39 Grosvenor Avenue building sold by usufruct. Since 2006 seven apartments have sold eight times for prices ranging from $162,500 to $367,000.

NOTE: The preceding article relates to the registration of deeds of sale for Westmount property in January and February, 2008, provided by city officials.