L’Île-des-Sœurs, July 18, 2019 – 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, 15,834 residential sales were concluded in the second quarter of 2019, an 8 per cent increase compared to the second quarter of last year.
Here are some of the highlights for the second quarter of 2019:
Sales
- After a strong start to 2019 – residential sales rose by 6 per cent in the first quarter of the year – Montreal’s resale market continued to gain momentum in the second quarter of the year.
- This was the 20th consecutive quarterly increase in residential sales in the Montreal CMA.
- Condominiums were the most active segment, as sales jumped by 12 per cent (5,741 transactions), while plexes (2 to 5 dwellings) registered a sold increase of 10 per cent (1,468 transactions).
- Sales of single-family homes (8,609 transactions) also increased, rising by 4 per cent to continue the solid start to the year.
- The largest increases in sales in the second quarter of the year were in Saint-Jean-sur-Richelieu (+15 per cent), on the North Shore (+14 per cent), on the South Shore (+12 per cent) and in Laval (+7 per cent). Sales registered a modest increase on the Island of Montreal (+3 per cent) and decreased in Vaudreuil-Soulanges (-5 per cent).
Prices
- For the CMA as a whole, median prices continued to rise significantly for plexes ($542,500) and single-family homes ($340,000), and more modestly for condominiums ($260,000), with respective increases of 6 per cent, 5 per cent and 3 per cent.
- Unlike the previous quarter, the area of Laval stood out with the largest increase in the median price of single-family homes (+8 per cent). The Island of Montreal, the North Shore, the South Shore and Saint-Jean-sur-Richelieu all registered a 6 per cent rise in the median price of single-family homes.
- It is also worth noting the solid increase in the median price of condominiums, particularly in Vaudreuil-Soulanges (+13 per cent) and, once again, on the Island of Montreal (+9 per cent).
- As for plexes (2 to 5 dwellings), notable increases in median price were seen in Laval (+19 per cent) and on the North Shore (+12 per cent). Other areas also performed very well, including the Island of Montreal and the South Shore (+7 per cent), reflecting a renewed interest in this property category.
Active listings
- On average, some 19,683 residential properties were for sale in the Montreal CMA through the Centris system in the second quarter of the year. This represents an 18 per cent drop compared to the second quarter of last year and the sixteenth consecutive quarterly decrease in active listings.
- This drop in supply was particularly pronounced for condominiums (-26 per cent) and single-family homes (-14 per cent). The supply of plexes also fell, but to a lesser extent (-4 per cent).
- The North Shore registered the largest decline in active listings, as the supply of residential properties for sale fell by 22 per cent.
Selling times
- Average selling times continued to decrease in the Montral CMA, falling to 70 jours (-11 days) for all property categories combined.
“Again this quarter, the combination of a sharp decrease in supply and a strong increase in sales is giving sellers an even greater advantage,” said Nathalie Bégin, president of the QPAREB board of directors. “We are in a situation where there is only five months of inventory for single-family homes and, now, for condominiums as well,” she added.
Province of Quebec: Largest Quarterly Increase in Residential Sales Since 2005
The QPAREB also released its most recent residential real estate market statistics for the province of Quebec, based on the real estate brokers’ Centris provincial database. In total, 29,212 sales were concluded in Quebec in the second quarter of 2019. This represents the largest quarterly sales increase since the third quarter of 2005 and an 8 per cent jump compared to the second quarter of last year. This was also the 20th consecutive quarterly increase in residential sales in Quebec.
Here are some of the 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.
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 12,500 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 and Twitter.
About Centris
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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For more information:
Taïssa Hrycay
Director
Communications and Public Relations
1-888-762-2440 or514-762-2440, ext. 157
taissa.hrycay@qpareb.ca
Nathalie Rochette
Assistant Director
Communications and Public Relations
1-888-762-2440 or 514-762-2440, ext. 238
nathalie.rochette@qpareb.ca