As Expected, There was a Massive Drop in Sales and New Listings in Montreal Due to the Impact of the Health Crisis

As Expected, There was a Massive Drop in Sales and New Listings in Montreal Due to the Impact of the Health Crisis

L’ÎLE-DES-SŒURS, May 06, 2020 (GLOBE NEWSWIRE) — 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.
In total, 1,890 residential sales transactions were concluded in April 2020, an historic 68 per cent decrease compared to April of last year. This was the first drop in sales after 61 consecutive monthly increases, as government measures to limit the spread of the virus were reflected on the resale market.Sales by geographic areaAll six main areas of the Montreal CMA registered a massive drop in sales in April, following the pause in many economic sectors, including the suspension of normal activities by real estate brokers.Vaudreuil-Soulanges (-74 per cent), Saint-Jean-sur-Richelieu and the Island of Montreal (-71 per cent), as well as Laval and the South Shore (-69 per cent) registered the largest decreases in sales.The North Shore had a slightly smaller drop in sales (‑61 per cent).Sales by property categoryAcross the CMA, the magnitude of the drop in sales was similar for all three property categories. Plex sales fell by 67 per cent (161 transactions), single-family home sales tumbled by 68 per cent (1,048 transactions) and condominium sales dropped by 69 per cent (675 transactions).PricesThe median price of condominiums across the CMA jumped significantly by 12 per cent, reaching $289,900.The median price of plexes (2 to 5 dwellings) increased significantly compared to April of 2019, rising by 10 per cent to reach $595,000.Finally, the median price of single-family homes also continued to grow strongly, increasing by 9 per cent to reach $360,000.Number of properties for saleIn April, there were 13,106 active residential listings in the Montreal CMA. This represents a 38 per cent drop compared to April of last year. This decrease and record low number of active listings since September 2003 can be explained by a massive drop in the number of new listings in April (-74 per cent), which reflects the wait-and-see attitude of sellers and a postponement in the marketing of properties.“The consequences of the measures taken by the authorities to slow the spread of COVID-19 have had an impact on the number of residential sales transactions in April in the Montreal CMA,” notes Julie Saucier, president and chief executive officer of the QPAREB.“However, this drop in sales did not slow the rapid increase in property prices, as many transactions were negotiated in a financing context that was very favourable to buyers and in a market where conditions are still extremely tight, as new listings fell as quickly as transactions did in April. Brokers are ready to support their clients in real estate transactions after the pause that has been imposed by the pandemic. Health rules are in place to ensure responsible collaboration,” she added.For April 2020 and year-to-date statistics charts, click here.About the Quebec Professional Association of Real Estate BrokersThe Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 13,000 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: FacebookLinkedInTwitter et Instagram.About CentrisCentris.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.For more information:
Taïssa Hrycay
Director
Communications and Marketing
1-888-762-2440 or
514-762-2440, ext. 157
media@qpareb.ca
A table accompanying this announcement is available: 
https://www.globenewswire.com/NewsRoom/AttachmentNg/8b9d9513-aa7c-4f39-a097-ba232e22d362

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