Montreal Real Estate Market: Residential Sales and Prices Increased Significantly in October
L’Île-des-Sœurs, Quebec, Nov. 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, 4,211 residential sales were concluded in October 2019, a 14 per cent increase compared to October of last year. “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 Montreal, most of the outlying areas are also undergoing a rapid tightening of market conditions and an acceleration in price increases, all property categories combined,” she added.Sales by geographic areaGeographically, with the exception of Vaudreuil-Soulanges which remained virtually unchanged, the five other main areas of the Montreal CMA all registered significant increases in sales in October. Saint-Jean-sur-Richelieu and the South Shore led the way with a 27 per cent increase in sales, followed by the North Shore (+15 per cent), Laval (+11 per cent) and the Island of Montreal (+7 per cent).
Sales by property categoryAcross 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.Finally, condominium sales increased considerably as well, rising by 11 per cent (1,509 transactions).PricesOnce again, 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.Number of properties for saleThe number of properties for sale in the Montreal CMA fell for a 49th consecutive month in October, as there were 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.Selling timesSelling times currently reflect market conditions that gives sellers a definite advantage over buyers, for all property categories combined. 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).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 October 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/96b1b701-8fa9-402a-a2a3-53253e76e953