20 Jul Montreal Real Estate Stats June 2019

Montreal Real Estate Stats June 2019

Info courtesy of Quebec Professional Association of Real Estate Brokers

Montreal real estate stats for June 2019 show the largest quarterly increase in Residential Sales Since 2005 in the province of Quebec.

Highlights for the second quarter of 2019:

Sales

• All three property categories registered an increase in sales, but condominiums and plexes (2 to 5 dwellings) stood out with respective increases of 14 per cent (7,253 transactions) and 13 per cent (2,400 transactions). Sales of single-family homes increased by 6 per cent (19,410 transactions).
• Geographically, all six of the province’s census metropolitan areas (CMAs) registered an increase in sales in the second quarter of the year. The Trois-Rivières (+19 per cent), Saguenay (+17 per cent) and Quebec City (+15 per cent) CMAs led the way, followed by the Gatineau (+10 per cent), Montreal (+8 per cent) and Sherbrooke (+4 per cent) CMAs.
• Several of the province’s smaller urban centres also posted strong sales results, including the agglomerations of Sept-Îles (+36 per cent), Saint-Sauveur (+20 per cent), Val-d’Or (+19 per cent) and Rivière-du-Loup (+18 per cent).

Active listings

• The downward trend in supply continued for a fourteenth consecutive quarter. Between April and June, there was an average of 59,343 properties for sale in the real estate brokers’ Centris system, down 11 per cent compared to the second quarter of last year.
• The decrease in the number of properties for sale over the past year was particularly pronounced in the Gatineau (-21 per cent) and Montreal (-18 per cent) CMAs.

“Sales in Quebec are at their highest level in fourteen years, in a context where active listings have registered a fourteenth consecutive quarterly drop at an average pace of 10 per cent of inventory per quarter,” said Charles Brant, Director of the QPAREB’s Market Analysis Department. “The most remarkable thing is that this situation is widespread throughout the majority of the province’s CMAs and agglomerations,” he added.

Prices

• The median price of single-family homes across the province stood at $265,000 in the second quarter of 2019, a 4 per cent increase year-over-year. This was another relatively strong increase, according to historical data.
• The largest price increases for single-family homes were in the agglomerations of Thetford Mines (+15 per cent), Rivière-du-Loup (+12 per cent), Rouyn-Noranda (+11 per cent), Saint-Hyacinthe (+8 per cent) and Saint-Sauveur (+7 per cent), as well as the CMA of Trois-Rivières (+14 per cent).
• The median price of condominiums increased by 2 per cent in Quebec, with half of all condos selling for more than $240,000.

Selling times

• Properties sold in the second quarter of the year found a buyer faster than in the second quarter of last year. Single-family homes sold in an average of 96 days, which is 9 days less than during the same period last year.
• The average selling time of condominiums also dropped significantly over the past year. Across the province, a condominium sold in the second quarter of the year remained on the market for 94 days, which is a drop of 15 days compared to the second quarter of 2018. This was the twelfth consecutive quarter that average selling times fell for condominiums and the tenth consecutive quarter for single-family homes.

Check out the latest Barometer Quarterly report 2019