Montreal’s Real Estate Market: Record-Setting Sales in July

Centris Residential Sales Statistics – July 2019

L’ÎLE-DES-SOEURS, Quebec, Aug. 06, 2019 (GLOBE NEWSWIRE) — 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.

In total, 3,698 residential sales were concluded in July 2019, a 16 per cent jump compared to the same month last year and a new sales record for a month of July.  Furthermore, this was the 53rd consecutive monthly increase in residential sales in the Montreal area.

“The sales growth that we’ve been witnessing since the start of the year reached a new peak in July with the largest increase in sales since May 2017,” said Nathalie Bégin, president of the QPAREB board of directors. “What’s remarkable is that the resale market continues to be so strong after 53 consecutive months of increases,” she added.  

Sales by geographic area

  • All six main areas of the Montreal CMA saw a significant increase in sales compared to July of last year, with particularly strong increases in Saint-Jean-sur-Richelieu (75 per cent) and Laval (48 per cent).
  • The areas that are on the periphery of Montreal therefore continue to remain popular, a trend that began at the start of the year. This was also true for the South Shore and Vaudreuil-Soulanges, where sales jumped by 20 per cent and 14 per cent, respectively, compared to July of last year. The North Shore posted a smaller increase, at 6 per cent.
  • The Island of Montreal stood out with an 11 per cent rise in sales. This is a significant increase compared to the moderate sales growth that has been seen since the start of the year.

Sales by property category

  • Across the Montreal CMA, plexes registered the largest increase in transactions, as sales of this property category rose by 23 per cent.
  • Condominiums and single-family homes also performed well, as sales of both these property categories grew by 16 per cent.

Prices

  • There were sustained price increases for all three property categories in July.
  • The median price of single-family homes across the CMA stood at $357,000, a 6 per cent increase year over year.
  • The median price of condominiums grew by 5 per cent to reach $278,600, while that of plexes jumped by 10 per cent to reach $583,000.       

Number of properties for sale

The downward trend in active listings that began in October 2015 continued for a 43rd consecutive month, thereby accelerating the tightening of market conditions in a context where sales are setting new records at the same time. In July, there were 16,898 active residential listings on the Centris system, a 20 per cent decrease compared to July of last year. This also represents the largest monthly drop in active listings since March 2010.

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.

For July 2019 statistics charts, click here.
For year-to-date statistics charts, click here.

For more information:

Taïssa Hrycay
Director
Communications and Public Relations

1-888-762-2440 or
514-762-2440, 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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05febead-46af-446c-a95e-8fba70797393

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