Market Conditions in Montréal Tighten as Sales and Prices Rise

Based on the real estate brokers’ Centris provincial database, the Québec Professional Association of Real Estate Brokers (QPAREB) released a recent residential real estate market statistics, for the Montréal Census Metropolitan Area (CMA).

The report reveals a total of 4,339 residential sales concluded in June 2019 — a seven per cent increase compared to June of last year.

“The last time market conditions were this tight was back in June 2005. The number of months needed to absorb the inventory of properties for sale currently sits at only 5 months or so, and this applies to all areas of the Montréal CMA,” said Nathalie Bégin, president of the QPAREB board of directors. “These conditions can be explained by sustained sales levels coupled with the 45th consecutive monthly drop in the number of active listings. This has also led to a general acceleration in price growth, particularly in the areas on the periphery of the Island of Montréal.”
Sales by geographic area

According to a release by the QPAREB, five of the six main areas of the Montréal CMA registered an increase in sales in June.

Saint-Jean-sur-Richelieu and the North Shore saw the largest increases where sales rose by 16 and 12 per cent. Vaudreuil-Soulanges was the only area to post a sales decrease in June with -11 per cent.

The QPAREB also states that the South Shore (+10 per cent), Laval (+5 per cent) and the Island of Montréal (+5 per cent) registered solid increases.

Sales by property category

Condominiums had the most dynamic property categories in June with a 13 per cent increase, and plexes (2-5 dwellings) rising by eight per cent.

Single-family home sales rose by three per cent. However, the QPAREB states that this property category represents more than 50 per cent of all sales in the Montréal CMA.

“In June, 2,335 single-family homes were sold, compared to 1,563 condominiums and 438 plexes,” said the QPAREB.

Prices

In June, the median price of single-family homes across the CMA stood at $352,250, which is an eight per cent increase compared to last June.

Although the median price of single-family homes rose by eight per cent in December of 2018, the CMA’s median price was the largest monthly increase in the last 24 months.

Condo prices elevated slightly with a median price of $261,000 (+two per cent).

Laval’s 12 per cent year over year rise stood out in the median price of condominiums.

The median price of plexes recorded an increase of six per cent to reach $539,000. These results were seen on the North Shore and the South Shore with a rise of 25 and 18 per cent.

Number of properties for sale

June saw a 19 per cent decrease, compared to last year, with 17,980 active residential listings in the Centris system.

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