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Jul 8, 2019 6:55 AM ET

Market Conditions Tighten to Historic Levels Throughout the Montreal Metropolitan Area


Market Conditions Tighten to Historic Levels Throughout the Montreal Metropolitan Area

iCrowd Newswire - Jul 8, 2019

L’ILE-DES-SOEURS, Quebec, — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just 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.

Residential Statistics – Montreal CMA 
June 2019
Sales 2019 2018 Variation
Total residential  4,339  4,057 7 %
Single-family  2,335  2,271 3 %
Condominium  1,563  1,378 13 %
Plex (2-5 dwellings)  438  404 8 %
       
Median price 2019 2018 Variation
Single-family 352,250 $  325,179 $ 8 %
Condominium  261,000 $  256,500 $ 2 %
Plex  539,000 $  507,000 $ 6 %
       
Sales volume 2019 2018 Variation
Total residential 1,754,691,274 $ 1,565,660,287 $ 12 %
       
Listings 2019 2018 Variation
Active  17,980  22,236  -19 %
New  4,631  4,696  -1 %

In total, 4,339 residential sales were concluded in June 2019, a 7 per cent increase compared to June of last year.

“The last time market conditions were this tight was back in June 2005. The number of months needed to absorb the inventory of properties for sale currently sits at only 5 months or so, and this applies to all areas of the Montreal CMA,” said Nathalie Bégin, president of the QPAREB board of directors. “These conditions can be explained by sustained sales levels coupled with the 45th consecutive monthly drop in the number of active listings. This has also led to a general acceleration in price growth, particularly in the areas on the periphery of the Island of Montreal,” she added.

Sales by geographic area

Sales by property category

Prices

Number of properties for sale

In June, there were 17,980 active residential listings in the Centris system, a 19 per cent decrease compared to June of last year.

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 FacebookLinkedIn 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.

 

Contact Information:

Taïssa Hrycay
Director
Communications and Public Relations

1-888-762-2440 or
514-762-2440, ext. 157
[email protected] Nathalie Rochette
Assistant Director
Communications and Public Relations

1-888-762-2440 or
514-762-2440, ext. 238
[email protected]








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