04 Sep Montreal Real Estate Sales July 2019

Montreal Real Estate Sales July 2019

Montreal Real Estate Sales July 2019 saw home sales rise for the 5th month in a row in July, and prices up 4% in past year. According to Crea, after hitting a six-year low in February of this year, activity seems to be rebounding across Canada, as sales were up in about 60 per cent of all markets across the country.

Montreal’s HPI rose by 7.23 per cent in the past year. According to the Canada Mortgage and Housing Corp “The Montreal market isn’t growing too fast or overheating and properties aren’t being over-evaluated, compared to Vancouver and Toronto, so it’s green lights ahead.”

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Summary of July 2019 Sales Stats Montreal Metropolitan Area

Single Family Homes: Sales up 16%, Inventory down 16%, Median Price up 6%,

Average days on Market 63  (-15)

Condominiums: Sales up 16%, Inventory down 28%, Median Price up 5%,

Average days on Market 71 (-28)

Plex (2-5 Units): Sales up 23%, Inventory down 11%, Median Price up 10%,

Average days on Market 78 (0)

Across all three property categores, sales are significantly up, inventories are substantially down, prices are up, and average days on market are shorter except for the Plex category. The Plex category saw a huge price jump at 10%!

For more details, download the latest QPAREB/Centris stats for July 2019

Detailed Report On Sales Over Asking:

Graph 1 below shows the proportion of sales that were concluded above the asking price, all property categories combined. We can immediately see that most CMAs registered an increase in sales above the asking price compared to last year. Like last year, it is in the areas where the number of months of inventory is lowest that the phenomenon is most prevalent, namely in Montreal and Gatineau. In fact, in the Montreal CMA, 14 per cent of properties sold for more than the asking price. This corresponds to about one in seven sales. In the Gatineau area, 9 per cent of properties sold for more than the asking price, which corresponds to about one in eleven sales.

Graph 1: Proportion of sales concluded above the asking price, by CMA (%)
Source: QFREB by the Centris system
By property category, we can see in graph 2 that sales above the asking price were generally most prevalent among plexes (small rental properties with two to five dwellings). This was particularly the case in the Montreal, Quebec City, Saguenay and Trois-Rivières CMAs.
In the Sherbrooke CMA, condominiums took the lead in sales above the asking price, while a year ago it was plexes that held this position. In the Gatineau CMA, sales above the asking price were most prevalent among single-family homes, as was the case a year ago.