05 May Montreal Market by the Numbers March 2020

Montreal Market by the Numbers March 2020

Montreal Market by the Numbers March 2020 shows as expected, a very active first half of March and a drop for the second half. According to Centris, here are some of the details:

-“In total, 5,907 residential sales transactions were concluded in March 2020, a 4 per cent increase compared to March of last year. Still, this was the 61st consecutive month of sales growth. For the first quarter of the year, 14,662 transactions were concluded in the Montreal CMA, a 13 per cent increase compared to the first quarter of 2019.

-The Island of Montreal registered a significant drop in transactions (-5 per cent)

-Sales increased for all three property categories across the CMA. Sales of single-family homes (3,348 transactions) rose by 6 per cent while sales of condominiums (2,089 transactions) grew by 1 per cent. Sales of plexes (466 transactions) jumped by 12 per cent.

-The median price of single-family homes across the CMA continued to rise sharply, increasing by 10 per cent to reach $365,000. The median price of condominiums also rose significantly, jumping by 16 per cent to reach $287,000. The median price of plexes (2 to 5 dwellings) reached $610,375, an increase of 22 per cent compared to March of last year.

-In March, there were 14,070 active residential listings in the Montreal CMA. This represents a 37 per cent drop compared to March of last year. The number of new listings fell by 22 per cent.

-Montreal CMA in March, price growth acceleration continued in a market that is still extremely tight, and was accompanied by a significant drop in interest rates,” said Julie Saucier, president and chief executive officer of the QPAREB. “The context we are going through will at least have the advantage of protecting Montreal from runaway price increases, as was the case in other Canadian markets. It will also guarantee greater price stability over the medium term as we emerge from the crisis,” she added.

Here are both the Barometer’s latest quarterly Montreal market stats 2020 along with those from the month of March 2020