Strong Sales and Price Increases on Montreal’s Residential Real Estate Market in January
L’ÎLE-DES-SŒURS, Quebec, Feb. 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, 3,429 residential sales were concluded in January, a 16 per cent increase compared to January of last year.“Not surprisingly, Montreal’s real estate market continued on its path of accelerated growth, still supported by a robust economy, low interest rates and strong demographic fundamentals,” said Julie Saucier, president and chief executive officer of the QPAREB. “The overheating market that we’re seeing on the Island of Montreal is causing significant price growth, which is prompting more and more buyers to turn to the peripheral areas of the Montreal CMA. As a result, active listings in these areas are steadily dropping and prices are steadily rising,” she added.Sales by geographic areaWith the exception of Vaudreuil-Soulanges, where sales fell significantly (-17 per cent) in January, the five other main areas of the Montreal CMA registered solid increases in transactions: Laval (+37 per cent), Saint-Jean-sur-Richelieu (+33 per cent), the Island of Montreal (+18 per cent), the North Shore (+17 per cent) and the South Shore (+10 per cent).
Sales by property categoryAcross the CMA, plexes (2 to 5 dwellings) were the property category that registered the largest increase in sales in January, as plex transactions jumped by 36 per cent (335 sales) compared to January of last year. The low vacancy rate for rental properties in the Montreal CMA – currently at 1.5 per cent according to the Canada Mortgage and Housing Corporation (CMHC) – is one of the factors that explains the renewed interest in this property category.Sales of condominiums also registered a considerable increase of 23 per cent (1,290 transactions).Finally, sales of single-family homes rose by 8 per cent compared to January 2019, with a total of 1,800 transactions.PricesProperty prices across the CMA rose sharply in January. In fact, new records were set for all three property categories:The median price of single-family homes increased by 12 per cent compared to January of last year, to reach $353,000. On the Island of Montreal, half of all single-family homes sold for more than $526,800, a new record.The median price of plexes in the Montreal CMA also rose by 11 per cent, to reach $570,000. On the Island of Montreal, the increase was quite spectacular at 17 per cent ($647,000).As for condominiums, their median price also increased by 11 per cent, reaching $275,000. On the Island of Montreal, it jumped by 18 per cent, reaching $369,000.Number of properties for saleThe supply of residential properties for sale fell for a 52nd consecutive month in January, with 15,073 active listings in the Centris system. This represents a 28 per cent decrease compared to January of last year. A drop this large has never been seen in a month of January since the real estate brokers’ Centris system began compiling this data in the year 2000.Selling timesSelling times continue to reflect particularly tight market conditions that are extremely favourable to sellers, for all property categories combined. The last time that selling times were this short in a month of January in the Montreal CMA was back in 2005 for single-family homes (69 days, -9 days compared to January of last year) and condominiums (74 days, -22 days). As for plexes, selling-times were also at a 15-year low, as it took only 73 days (-3 days) for a plex to sell.For January 2020 statistics charts (province and 6 CMAs), click here.About the Quebec Professional Association of Real Estate BrokersAbout CentrisFor more information:Taïssa Hrycay
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