A recent residential real estate market report by the Québec Professional Association of Real Estate Brokers (QPAREB) revealed a 16 per cent increase, with 3,698 residential sales concluded in July 2019.
“The sales growth that we’ve been witnessing since the start of the year reached a new peak in July with the largest increase in sales since May 2017,” said Nathalie Bégin, president of the QPAREB board of directors. “What’s remarkable is that the resale market continues to be so strong after 53 consecutive months of increases,”
According to the report, all six main areas of the Montréal CMA saw a significant rise in sales, with strong increases in Saint-Jean-sur-Richelieu (75 per cent) and Laval (48 per cent).
In the South Shore and Vaudreuil-Soulanges, sales jumped by 20 per cent and 14 per cent, compared to July of last year, while
the North Shore posted a smaller increase, at 6 per cent.
The Island of Montréal rose by 11 per cent in sales. This is a significant increase compared to the moderate sales growth that has been seen since the start of the year, says the QPAREB.
Across the Montréal CMA, plexes rose by 23 per cent and condominiums and single-family homes grew by 16 per cent.
- The median price of single-family homes across the CMA stood at $357,000, a 6 per cent increase year over year.
- The median price of condominiums grew by 5 per cent to reach $278,600, while that of plexes jumped by 10 per cent to reach $583,000.
In July, there were 16,898 active residential listings on the Centris system, a 20 per cent decrease compared to July of last year. The QPAREB states that this represents the largest monthly drop in active listings since March 2010.