12 Feb Last Quarter of 2019 Montreal Market Stats
Last Quarter of 2019 Montreal Market Stats
The last quarter of 2019 Montreal market stats shows for the Island of Montreal a sellers market for up to 600k and a balanced market for more than 600k
Fourth Quarter Sales: 4587 Increase of 11%
Active listings: 5765 Decrease of -19%
New listings: 4934 Decrease of -6%
Sales volume (in thousands): $2516709 Increase of 22%
Sales by property category:
Sales: 1,316 Increase of 12%
Active listings : 1809 Decrease of -6%
Median price: $530,000 Increase of 7%
Average Price: $700648 Increase of 4%
Average selling time (days): 58 Decrease of -3
Sales: 2365 Increase of 10%
Active listings: 2894 Decrease of -24%
Median price: $360,000 Increase of 13% Average Price: $416, 114 Increase of 12%
Average selling time (days): 66 Decrease of -16
Plex (2-5 units)
Sales: 906 Increase of 13%
Active listings: 1062 Decrease of -26%
Median price: $625,000 Increase of 11% Average Price: $675,145 Increase of 12%
Average selling time (days): 68 Decrease of 0
The overall themes across all property categories are higher prices and much less inventory, especially across the plex and condominium categories.
Residential sales in Montreal are predicted to see blistering growth throughout the year, according to the Quebec Professional Association of Real Estate Brokers. In its forecast released late last week, the QPAREB said that home sales activity in the Greater Montreal Area will likely go up by 6% in 2020, reaching an unprecedented total of 54,600 transactions.
According to the latest 4th quarter report by Royal Lepage, the average home sales price in the Greater Montreal Area went up by 6.3% year-over-year to reach $433,993. “This was the market’s strongest rate of increase in average housing prices in almost a decade. Indeed, 2019 was the third straight year that housing prices in the region posted annual growth of more than 5%.” “Since the end of 2010, the aggregate price has increased 26.2%, a difference of $113,756,” the Royal LePage report added.
Strong employment, purchasing power, inbound migration, and prevailing low interest rates are leading factors stimulating demand. Montreal and Ottawa will be the foremost seller’s markets in the luxury housing segment this year according to the ““Canadian Year-End Luxury Real Estate Report” by Engel & Völkers.
“Large investments by global corporations in downtown Montreal as well as an influx of start-ups are fueling the price surge,” according to Engel & Völkers. Many properties are selling above asking and the amount of bidding wars have intensified in Montreal, reaching record numbers last year.