In an Overheating Market, Price Increases Continue to Accelerate in the Greater Montreal Area

In an Overheating Market, Price Increases Continue to Accelerate in the Greater Montreal Area

L’ÎLE-DES-SŒURS, Quebec, Dec. 06, 2019 (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, 4,084 residential sales were concluded in November 2019, a 13 per cent increase compared to November of last year. “The Greater Montreal market continued to register record setting sales in November, while at the same time, the supply of properties for sale fell for a 50th consecutive month,” said Julie Saucier, president and chief executive officer of the QPAREB. “It’s striking to note the sharp increase in prices resulting from the overheating market, particularly the 18 per cent jump in condominium prices on the Island of Montreal compared to November of last year. We haven’t seen this large an increase since November 2002,” she added.Sales by geographic areaFour of the six main areas of the Montreal CMA registered dramatic increases in sales in November: Vaudreuil-Soulanges (+48 per cent), Saint-Jean-sur-Richelieu (+41 per cent), Laval (+21 per cent) and the South Shore (+16 per cent).Sales also held strong on the North Shore (+9 per cent) and on the Island of Montreal (+7 per cent). Sales by property categoryThe momentum for condominiums continued, as sales of this property category jumped by 21 per cent. The 1,510 condo transactions that were concluded in the Montreal CMA represents a new November sales record for this property category. Particularly strong increases were registered in certain suburbs: +56 per cent in Laval and +35 per cent on the South Shore.Sales of single-family homes increased by 11 per cent and remain the most popular property category with 2,115 transactions in November. Sales of plexes (2 to 5 dwellings) rose by only 4 per cent, with 451 transactions in November. The sharp decline in the number of active plex listings, which mainly concerns high-quality plexes, combined with rapidly rising prices, may start to limit sales increases for this property category.      PricesThe median price of single-family homes across the Montreal CMA stood at $350,000 in November, up 6 per cent compared to one year earlier. This was a slightly lower increase than that registered in September and October.The median price of condominiums stood at $290,000 in November in the Montreal CMA, a significant increase of 9 per cent. The median price of plexes jumped by 11 per cent year-over-year, reaching $579,500.Number of properties for saleThe supply of residential properties for sale fell for a 50th consecutive month in November, as the number of active listings in the Centris system (16,310) was 22 per cent lower than it was in November of last year. A decrease this large has not been seen since November 2002.Selling timesSelling times continue to reflect market conditions that gives sellers a definite advantage over buyers, for all property categories combined. The last time that selling times were this short in a month of November was back in 2004 for single-family homes (58 days, ‑14 days compared to November 2018) and condominiums (70 days, ‑25 days). The average selling time for plexes fell to 69 days (‑4 days).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 12,700 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: Facebook, LinkedIn, Instagram and Twitter.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 November 2019 and year-to-date statistics charts, click here.For more information:A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d751836c-fa62-41f0-8c25-5954b6fd5079
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