Note on COVID-19: The statistics published in this press release reflect sales that were concluded between January 1 and March 31, 2020, a period that was relatively unaffected by COVID-19. To learn more about the current impact of the pandemic and our forecasts for the coming months for Quebec’s real estate market, watch for the upcoming release of our analysis.
L’Île-des-Sœurs, April 23, 2020 – The Quebec Professional Association of Real Estate Brokers (QPAREB) has 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, 14,662 residential transactions were concluded in the first quarter of 2020, a 13 per cent increase compared to the first quarter of last year.
- With a total of 14,662 transactions concluded (+13 per cent), the residential real estate market in the Montreal CMA continued its momentum and posted its 23rd consecutive quarterly increase in sales. This was also the best first-quarter sales result since the year 2000.
- Among the three property categories, plexes (small rental properties with two to five dwellings) registered the largest increase in sales at 24 per cent. The 1,234 plex transactions that were concluded from January to March represent a new first-quarter sales record.
- Sales of single-family homes (8,099) and condominiums (5,317) registered respective increases of 12 per cent and 13 per cent.
- All six main areas of the Montreal CMA posted an increase in residential sales in the first quarter of the year: Laval (+26 per cent), Saint-Jean-sur-Richelieu (+22 per cent), the North Shore (+17 per cent), the South Shore (+12 per cent), the Island of Montreal and Vaudreuil-Soulanges (+8 per cent).
- Across the CMA, all three property categories registered a significant increase in median price. The median price of single-family homes ($360,000), condominiums ($279,500) and plexes ($595,000) rose by 11 per cent, 12 per cent and 16 per cent, respectively.
- The areas with the largest increase in the median price of single-family homes were the South Shore and Vaudreuil-Soulanges with respective increases of 15 per cent and 14 per cent.
- Two areas stood out in terms of their median price growth for condominiums: the Island of Montreal (+19 per cent) and Saint-Jean-sur-Richelieu (+17 per cent).
- The number of active listings fell for a 19th consecutive quarter, with an average of 14,785 properties for sale in the Centris system. This represents a 32 per cent drop compared to the first quarter of last year.
- By property category, active listings fell significantly by 26 per cent, 32 per cent and 40 per cent, respectively, for single-family homes, plexes and condominiums.
Market conditions and selling times
- The sharp decrease in active listings, combined with the strong increase in sales, contributed to a further tightening of the market. This clearly gives sellers the upper hand. The absorption rate, meaning the number of months it would take to sell the entire inventory of active listings, stood at approximately 4 months for all three property categories.
- The market was particularly tight in the areas of Saint-Jean-sur-Richelieu and on the North Shore of Montreal.
- Selling times shortened for all three property categories. It took an average of 58 days (-14) to sell a single-family home, 61 days (-26) to sell a condominium and 63 days (-13) to sell a plex.
“Montreal’s real estate market experienced record sales at the start of the year, building on the momentum of an equally strong year-end in 2019. At the same time, the number of active listings continued to decline in all areas,” said Julie Saucier, president and chief executive officer of the QPAREB.
“The resale market is becoming even tighter across the CMA, putting additional and widespread pressure on prices,” added Charles Brant, director of the QPAREB’s Market Analysis Department. “The full impact of the health crisis will only be felt on sales in the next two quarters. That said, the extremely tight market conditions and very favourable financing conditions will help limit the negative impact on prices, he added.”
For more detailed market statistics for the province, click here.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 13,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter et Instagram.
Centris.ca is Quebec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris also manages the collaboration system used by more than 13,000 real estate brokers in Quebec.
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