For the first time since July 2012, residential sales in Montreal are up, says the Greater Montreal Real Estate Board (GMREB).

Residential sales increased three per cent last month, compared to August 2012, according to the real estate brokers’ Centris provincial database.

Condominium sales saw an increase of nine per cent in August. In July, only single-family homes registered an increase in sales.

“On the Island of Montreal, condominium sales increased by 17 per cent, while on the South Shore they increased by 10 per cent,” says Paul Cardinal, manager of the market analysis department at the Quebec Federation of Real Estate Boards. “This was the best month of August in both these areas since 2009, when activity on the residential real estate market increased significantly at the end of the recession.”

Though there was an increase in sales, condo market conditions eased in August around Montreal, with markets favouring buyers.

The average price of a condominium unit was also up, rising three per cent in comparison to August 2012. Though there has been fluctuations in the median condo price, this year has been stable in comparison to 2012.