An Exceptionally Active Month of August on Montreal’s Real Estate Market

L’ÎLE-DES-SŒURS, Quebec, Sept. 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, 3,527 residential sales were concluded in August 2019, a 10 per cent increase compared to August of last year and the best result for a month of August since data started being collected (2000).

“The exceptional strength of Montreal’s real estate market in August is consistent with the robust sales results that we’ve been seeing since the start of the year,” said Nathalie Bégin, president of the QPAREB board of directors. “Several outlying areas of the Montreal CMA are leading the way in terms of sales, and they’re also registering substantial increases in the median price of residential properties. A rebalancing is taking place in relation to the considerable increases that have been observed on the Island of Montreal since 2018,” she added.

Sales by geographic area

Geographically, five of the six main areas of the Montreal CMA registered a significant increase in sales in August, including the North Shore (+17 per cent), the South Shore (+16 per cent) and Laval (+12 per cent). However, the Saint-Jean-sur-Richelieu area outperformed all of these sectors with a 20 per cent increase in sales compared to August of last year.

Sales rose by a respectable 5 per cent on the Island of Montreal but fell slightly in Vaudreuil-Soulanges (-1 per cent).

Sales by property category

Across the CMA, condominiums surpassed the other property categories and registered the largest increase in transactions (1,374 sales) in August, with a notable jump of 23 per cent.

As for plexes (2 to 5 dwellings), sales rose significantly by 18 per cent (371 transactions).

Sales of single-family homes remained stable (+1 per cent) compared to August of last year, with 1,779 transactions.

Prices

Property prices across the CMA rose steadily for all three property categories in August.

The median price of single-family homes increased by 4 per cent year-over-year to reach $345,000, while that of plexes rose by 3 per cent to reach $532,500.

The increase in the median price of condominiums was more significant, rising by 7 per cent to reach $279,000.

Number of properties for sale

The number of properties for sale continued to fall in August, as there were 16,390 active residential listings on the Centris system, a 21 per cent drop compared to one year earlier. The number of active listings in the Montreal CMA has not reached this low a level since August 2004.

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 August 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/c3567341-03fb-4be9-9139-df3d37a8c196

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