The Quebec Professional Association of Real Estate Brokers (QPAREB) has released its residential real estate market statistics for the Montreal Census Metropolitan Area (CMA) for the month of February, based on the real estate brokers’ Centris provincial database.
“Condominium sales compensated for the decrease in single-family home sales in February. The drop in inventory of properties for sale and the skyrocketing prices of single-family homes partly explain the increase in condominium and plex transactions,” said Charles Brant, director of market analysis at the QPAREB. “The gap between the median price of condominiums in the downtown Montreal area (decreasing) and the median price of condos in the suburbs (sharply increasing) is narrowing significantly,” he added.
- Residential sales fell by 3 per cent in the Montreal CMA, the first time since 2015 that sales decreased in a month of February.
- The Island of Montreal performed well with a 6 per cent increase in sales, mainly due to condominium transactions, which jumped by 16 per cent. In contrast, sales fell significantly in all of the peripheral markets: Saint-Jean-sur-Richelieu (-32 per cent), Laval (-14 per cent), Vaudreuil-Soulanges (-10 per cent), the South Shore (-8 per cent) and the North Shore (-3 per cent).
- Sales by property category: strong growth for plexes (+19 per cent) and condominiums (+8 per cent) across the CMA.
- Increase in active listings of condominiums (+10 per cent), mainly on the Island of Montreal (+54 per cent). Active listings of single-family homes continued to decline (-51 per cent), particularly in the areas on the periphery of the Island.
- With market conditions still very much to the advantage of sellers, median prices continue to accelerate dramatically against a backdrop of overbidding. The median price of single-family homes reached $460,000 (+28 per cent), which is $100,000 more than just 12 months ago. Median price increases were also very high for condominiums (+24 per cent) and plexes (+9 per cent).