Montreal area real estate market
Residential sales – august 2019
Association professionnelle des courtiers immobiliers du Québec
L’ÎLE-DES-SŒURS, Quebec, Sept. 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, 3,527 residential sales were concluded in August 2019, a 10 per cent increase compared to August of last year and the best result for a month of August since data started being collected (2000).
"The exceptional strength of Montreal's real estate market in August is consistent with the robust sales results that we've been seeing since the start of the year," said Nathalie Bégin, president of the QPAREB board of directors. "Several outlying areas of the Montreal CMA are leading the way in terms of sales, and they're also registering substantial increases in the median price of residential properties. A rebalancing is taking place in relation to the considerable increases that have been observed on the Island of Montreal since 2018," she added.
Sales by geographic area
Geographically, five of the six main areas of the Montreal CMA registered a significant increase in sales in August, including the North Shore (+17 per cent), the South Shore (+16 per cent) and Laval (+12 per cent). However, the Saint-Jean-sur-Richelieu area outperformed all of these sectors with a 20 per cent increase in sales compared to August of last year.
Sales rose by a respectable 5 per cent on the Island of Montreal but fell slightly in Vaudreuil-Soulanges (-1 per cent).
Sales by property category
Across the CMA, condominiums surpassed the other property categories and registered the largest increase in transactions (1,374 sales) in August, with a notable jump of 23 per cent.
As for plexes (2 to 5 dwellings), sales rose significantly by 18 per cent (371 transactions).
Sales of single-family homes remained stable (+1 per cent) compared to August of last year, with 1,779 transactions.
Property prices across the CMA rose steadily for all three property categories in August.
The median price of single-family homes increased by 4 per cent year-over-year to reach $345,000, while that of plexes rose by 3 per cent to reach $532,500.
The increase in the median price of condominiums was more significant, rising by 7 per cent to reach $279,000.
Number of properties for sale
The number of properties for sale continued to fall in August, as there were 16,390 active residential listings on the Centris system, a 21 per cent drop compared to one year earlier. The number of active listings in the Montreal CMA has not reached this low a level since August 2004.