Montréal Residential Sales and Prices Increase Significantly in October: Report

The QPAREB’s recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA) reveals a total of 4,211 residential sales concluded in October 2019, a 14 per cent increase compared to last October.

“October’s real estate market continued to follow a similar dynamic to that observed since the start of last spring,” said Julie Saucier, president and CEO of the QPAREB. “Like the Island of Montréal, most of the outlying areas are also undergoing a rapid tightening of market conditions and an acceleration in price increases, all property categories combined.”

The five other main areas of the Montréal CMA that registered significant increases in sales in October are Saint-Jean-sur-Richelieu and the South Shore with a 27 per cent increase in sales, the North Shore (+15 per cent), Laval (+11 per cent) and the Island of Montréal (+7 per cent).

Across the CMA, plexes (2 to 5 dwellings) registered the largest increase in sales in October, as plex transactions jumped by 22 per cent compared to October of last year, with a total of 476 sales.

Sales of single-family homes also registered a sharp increase (+14 per cent) compared to October of last year, with a total of 2,220 transactions.

Condominium sales increased considerably as well, rising by 11 per cent (1,509 transactions).

Property prices across the CMA rose steadily in October, particularly for single-family homes and plexes. New records were set for all three property categories.

The median price of single-family homes jumped by 8 per cent compared to October 2018 to reach $355,000. The median price of plexes rose by 7 per cent to reach $560,000. As for condominiums, their median price increased by 6 per cent, reaching $280,000.

The number of properties for sale in the Montréal CMA fell for a 49th consecutive month in October, as there was 16,874 active residential listings on the Centris system. This is a 20 per cent decrease compared to last year and the largest drop for a month of October since 2002.

For both single-family homes (59 days, -15 days) and condominiums (69 days, -20 days), the last time that the average selling time was this low for a month of October was back in 2004. The average selling time of plexes rose slightly to 74 days (+4 days).

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