Montreal Real Estate: The Arrival of Fall Marked by a Sharp Increase in Condominium and Plex Prices

Montreal Real Estate: The Arrival of Fall Marked by a Sharp Increase in Condominium and Plex Prices

Centris Residential Sales Statistics – September 2019L’ÎLE-DES-SOEURS, Quebec, Oct. 04, 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, 3,659 residential sales were concluded in September 2019, a 14 per cent increase compared to September of last year and a new sales record for a month of September.“This September closes the summer season on a very positive note,” said Julie Saucier, president and CEO of the QPAREB. “We are seeing double-digit growth for a third consecutive month, which has not been seen since 2003. We also note that condominium prices are soaring due to a significant drop in inventory,” she added.Sales by geographic areaGeographically, all six main areas of the Montreal CMA registered a strong increase in sales in September, with Saint-Jean-sur-Richelieu (+31 per cent) leading the way. This was followed by the North Shore (+25 per cent), Vaudreuil-Soulanges (+22 per cent), the South Shore (+15 per cent), the Island of Montreal (+9 per cent) and Laval (+7 per cent).
  
Sales by property category
Across the CMA, as is now the norm, condominiums registered the largest sales increase in September, as condo transactions jumped by 15 per cent (1,381 sales) compared to September of last year.  Sales of single-family homes registered an equally strong increase, as sales of this property category also jumped by 15 per cent (1,888 sales).As for plexes with 2 to 5 dwellings, sales rose by 11 per cent with a total of 386 transactions.PricesProperty prices across the CMA rose significantly in September, particularly for condominiums and plexes. In fact, new records were set for all three property categories.For condominiums, the median price increased by 10 per cent compared to September 2018 to reach $290,000.The median price of plexes jumped by 10 per cent to reach $555,750.As for single-family homes, the median price rose by 6 per cent to reach $355,000.Number of properties for saleThe number of properties for sale in the Montreal CMA fell for a 48th consecutive month in September, as there were 16,830 active residential listings on the Centris system. This is a 21 per cent decrease compared to last year, and the largest drop that has ever been registered for a month of September since data started being collected in the year 2000.Average selling timesSelling times currently reflect market conditions that are particularly favourable to sellers, for all three property categories combined. The last time that the average selling time for single-family homes (62 days, -15 days) and condominiums (76 days, -22 days) was this low for a month of September was back in 2004. As for plexes (72 days, -5 days), the last time the average selling time was this low in a month of September was back in 2005.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 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 September 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/037717ca-105e-48d4-bade-5b62eae0cee0

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