L’Île-des-Sœurs, July 16, 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.
After starting the year on a high note, Montreal’s resale market slowed drastically in the second quarter of 2020 due to the unprecedented health crisis. In total, 10,138 residential properties changed hands across the Montreal CMA in the second quarter of the year, a 36 per cent drop in sales compared to the second quarter of last year.
- There was a notable break in sales growth in the second quarter, after 23 consecutive quarters of sustained increases in the region.
- In relative terms, sales of single-family homes (5,795) were spared (-32 per cent).
- Sales of condominiums fell by 39 per cent (3,490) across the CMA, and results for this property category varied unevenly in the different geographic areas. Plexes with two to five dwellings registered the largest drop in sales (-42 per cent), with a total of 842 transactions.
- While sales fell by 24 per cent on the North Shore of Montreal and in Saint-Jean-sur-Richelieu,
they dropped even more significantly in Vaudreuil-Soulanges (-29 per cent) and on the South Shore
(-36 per cent). Laval (-40 per cent) and the Island of Montreal (-43 per cent) registered the largest decreases in sales in the second quarter of the year, due in part to stricter and more widespread sanitary measures in response to the faster spread of the virus.
- Across the CMA, median prices continued to grow rapidly for condominiums ($293,500), single-family homes ($380,000) and plexes ($600,000), with respective increases of 13 per cent, 12 per cent and
10 per cent.
- The areas of Saint-Jean-sur-Richelieu (+16 per cent), the South Shore (+15 per cent) and the North Shore (+15 per cent) stood out with a jump in the median price of single-family homes. Strong increases were also seen on the Island of Montreal and in Vaudreuil-Soulanges (+11 per cent), as well as in Laval
(+10 per cent).
- The median price of condominiums rose significantly in Saint-Jean-sur-Richelieu (+16 per cent), as well as on the Island of Montréal and the South Shore (+14 per cent).
- The median price of plexes jumped on the South Shore (+19 per cent) and on the Island of Montreal
(+14 per cent). Increases were much more modest in other areas, such as Laval (+2 per cent), and even decreased on the North Shore of Montreal (-5 per cent).
- On average, there were 13,443 residential properties for sale in the Montreal CMA in the second quarter of the year. This represents a decrease of 31 per cent compared to Q2 of last year and the 20th consecutive quarterly drop in active listings, this time reflecting the pause in real estate activity for part of the quarter.
Market conditions and selling times
- The pause in the resale market due to the pandemic caused sales and new listings to fall by an equivalent amount in the second quarter of the year, resulting in market conditions that continue to be very favourable to sellers.
- We are in a situation where there is less than 4 months of inventory for single-family homes and condominiums. There is less than 5 months of inventory for plexes.
- Overall, market conditions give sellers a very strong advantage for all three property categories. Many areas are experiencing overheating, which leads to sales above the asking price.
“The Montreal area was more affected than the other regions of the province by the spread of the virus, which had a significant impact on both sales and listings in the second quarter of the year. However, the recovery in sales activity occurred rapidly in the areas on the periphery of the islands of Montreal and Laval, beginning in mid-May,” said Julie Saucier, president and chief executive officer of the QPAREB.
“Market conditions remained favourable for sellers in most areas and for most property categories, although there was a relaxing in several sub-sectors of the Island of Montreal. Condominiums were most affected by this phenomenon, but for the moment, this has had no effect on price growth and selling times, which are among the shortest ever recorded since 2000,” said Charles Brant, director of market analysis at the QPAREB.
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 and 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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For more information:
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