Market Conditions Tighten to Historic Levels Throughout the Montreal Metropolitan Area – Wire Real Estate

Market Conditions Tighten to Historic Levels Throughout the Montreal Metropolitan Area




Jul 13, 2019

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L’ILE-DES-SOEURS, Quebec, — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its most recent residential real estate market statistics for the Montreal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database.

Residential Statistics – Montreal CMA 
June 2019
Sales 2019 2018 Variation
Total residential  4,339  4,057 7 %
Single-family  2,335  2,271 3 %
Condominium  1,563  1,378 13 %
Plex (2-5 dwellings)  438  404 8 %
       
Median price 2019 2018 Variation
Single-family 352,250 $  325,179 $ 8 %
Condominium  261,000 $  256,500 $ 2 %
Plex  539,000 $  507,000 $ 6 %
       
Sales volume 2019 2018 Variation
Total residential 1,754,691,274 $ 1,565,660,287 $ 12 %
       
Listings 2019 2018 Variation
Active  17,980  22,236  -19 %
New  4,631  4,696  -1 %

In total, 4,339 residential sales were concluded in June 2019, a 7 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 Montreal 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 Montreal,” she added.

Sales by geographic area

  • Five of the six main areas of the Montreal CMA registered an increase in sales in June.
  • The largest increases were in the areas of Saint-Jean-sur-Richelieu and the North Shore, where sales rose by 16 and 12 per cent respectively.
  • The South Shore (+10 per cent), Laval (+5 per cent) and the Island of Montreal (+5 per cent) also registered solid increases.
  • The only area to post a decrease in sales in June was Vaudreuil-Soulanges (-11 per cent).

Sales by property category

  • The most dynamic property categories in June were condominiums, with a 13 per cent jump in sales, and plexes (2-5 dwellings), with an 8 per cent increase.
  • Sales of single-family homes rose by 3 per cent. However, this property category represents more than 50 per cent of all sales in the Montreal CMA. In June, 2,335 single-family homes were sold, compared to 1,563 condominiums and 438 plexes.

Prices

  • The median price of single-family homes across the CMA stood at $352,250 in June, an 8 per cent increase compared to June of last year. This was the largest monthly increase in the last 24 months, although the median price of single-family homes also rose by 8 per cent in December of 2018.
  • As for condominiums, despite a significant increase in sales, condo prices increased only slightly compared to June of last year with a median price of $261,000 (+2 per cent). However, Laval stood out with a sharp increase in the median price of condominiums, jumping by 12 per cent year over year.
  • The median price of plexes registered a solid increase of 6 per cent to reach $539,000. Notable results were seen on the North Shore and the South Shore, where they rose by 25 and 18 per cent respectively.

Number of properties for sale

In June, there were 17,980 active residential listings in the Centris system, a 19 per cent decrease compared to June of last year.

About the Quebec Professional Association of Real Estate Brokers

The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 12,500 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages FacebookLinkedIn and Twitter.

About Centris

Centris.ca is Quebec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris also manages the collaboration system used by more than 13,000 real estate brokers in Quebec.

 

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See Campaign: https://apciq.ca/en/
Contact Information:
Taïssa Hrycay Director Communications and Public Relations 1-888-762-2440 or 514-762-2440, ext. 157 taissa.hrycay@qpareb.ca Nathalie Rochette Assistant Director Communications and Public Relations 1-888-762-2440 or 514-762-2440, ext. 238 nathalie.rochette@qpareb.ca

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