Momentum Continues on Montreal's Real Estate Market in First Quarter of 2019

L'Île-des-Sœurs, QC, April 15, 2019 /CNW Telbec/ - The Quebec Professional Association of Real Estate Brokers (QPAREB) has released its most recent residential sales statistics for the Montreal Census Metropolitan Area (CMA), based on the real estate brokers' Centris provincial database. In total, 13,028 residential sales were concluded in the first quarter of 2019, a 6 per cent increase compared to the first quarter of last year.

Here are some of the Q1 highlights.

Sales

• With 13,028 transactions concluded (+6 per cent), the residential real estate market in the Montreal CMA continued its momentum by registering an 18th consecutive quarterly increase in sales. This was also the best first quarter sales result in nine years.
• Among the three property categories, condominiums led the way with a 10 per cent jump in sales. The 4,715 transactions that were concluded represent a new first-quarter sales record.
• Sales of single-family homes (7,295) also turned in a solid performance, rising by 4 per cent, while sales of plexes with two to five dwellings (1,005) fell by 1 per cent.
• All of the main areas of the Montreal CMA except for the Island of Montreal (-2 per cent), registered an increase in residential sales: the North Shore and Saint-Jean-sur-Richelieu (+12 per cent), Laval (+11 per cent), the South Shore (+10 per cent) and Vaudreuil-Soulanges (+7 per cent).
• In the agglomeration of Saint-Hyacinthe, sales fell by 2 per cent in the first quarter of the year. By property category, sales of single-family homes rose by 1 per cent and sales of condominiums grew by 7 per cent; however, sales of plexes fell by 38 per cent, which explains the slight decrease in residential sales.

Prices

• For the CMA as a whole, single-family homes ($325,000), condominiums ($249,900) and plexes ($515,000) all registered an increase in median price, rising by 5 per cent, 2 per cent and 5 per cent, respectively.
• Saint-Jean-sur-Richelieu and the South Shore stood out with the largest increases in the median price of single-family homes, at 12 per cent and 7 per cent respectively.
• Two areas stood out for their increases in the median price of condominiums: the Island of Montreal (+8 per cent) and, once again, Saint-Jean-sur-Richelieu (+5 per cent).

Active listings 

• Active listings fell for a fifteenth consecutive quarter, with an average of 21,880 properties for sale on the Centris system in the Montreal CMA. This represents a 15 per cent drop compared to the first quarter of last year.

"The sharp drop in supply, combined with the increase in sales, means that market conditions are increasingly advantageous for sellers," said Anouk Vidal, Co-President of the Board of Directors of the Quebec Professional Association of Real Estate Brokers. "The market has become tighter, particularly on the Island of Montreal," she added.

Excellent First Quarter for Residential Sales in Quebec

The Quebec Federation of Real Estate Boards (QFREB) has 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, 23,667 sales were concluded in the first quarter of 2019, a significant increase of 8 per cent compared to the first quarter of last year. This was the 19th consecutive quarterly increase in sales.

Here are some of the highlights for the first quarter of 2019:

Sales

• In total, 16,010 single-family homes (+7 per cent), 5,866 condominiums (+12 per cent) and 1,694 plexes (+1 per cent) changed hands in Quebec in the first quarter of the year.
• Geographically, the agglomerations of Joliette (+51 per cent), Sainte-Agathe-des-Monts (+39 per cent), Amos and Drummondville (+36 per cent), La Tuque (+35 per cent) and Rawdon (+33 per cent) stood out with the largest increases in residential sales.
• As for the province's six census metropolitan areas (CMAs), Trois-Rivières registered the largest increase in sales at 24 per cent, followed by Saguenay at 17 per cent. The Gatineau CMA also performed well, posting a 16 per cent rise in sales. Transactions in the Quebec City, Montreal and Sherbrooke CMAs also held their ground with respective sales increases of 8 per cent, 6 per cent and 5 per cent.

"The demand for properties remains very strong, as we can see by the widespread increase in sales across the province," said Yanick Desnoyers, Manager of the QFREB's Market Analysis Department. "The solid performance of Quebec's real estate market is all the more impressive because it comes at a time when markets in Canada's other provinces are declining," he added.

Active listings

• The number of properties for sale continued its downward trend, as supply fell for a thirteenth consecutive quarter. In total, 61,885 residential properties were for sale on the real estate brokers' Centris system, which is a 9 per cent drop compared to the first quarter of last year.
• The number of listings fell by 8 per cent for single-family homes (41,557) and by 18 per cent for condominiums (13,397), but increased by 5 per cent for plexes (6,148).

Prices

• For the province as a whole, the median price of single-family homes rose by 3 per cent to reach $255,000.
• The largest increases in median price for single-family homes were in the agglomerations of Thetford Mines (+23 per cent), Shawinigan (+13 per cent), Rawdon (+10 per cent), Sainte-Agathe-des-Monts (+8 per cent) and Drummondville (+6 per cent).
• The median price of condominiums increased by 1 per cent across the province to reach $231,000, and the median price of plexes remained unchanged at $385,000.

Finally, properties that sold in the first quarter of 2019 found a buyer faster than they did one year ago. Single-family homes sold in an average of 104 days, which is 6 days less than in the first quarter of last year, while condominiums sold in an average of 101 days, 14 days faster than last year.

About the Quebec Professional Association of Real Estate Brokers

The Quebec Professional Association of Real Estate Brokers 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 Association is also an important advocate for the implementation of measures that promote homeownership. It provides training, tools and services relating to real estate and facilitates the collection, dissemination and exchange of real estate information. The Association 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 Quebec.

About the Quebec Federation of Real Estate Boards

The Quebec Federation of Real Estate Boards is a non-profit organization composed of Quebec's 8 real estate boards and the close to 13,000 real estate brokers who are their members. Its mission is to support Quebec's real estate boards in order to defend, protect and promote the interests of real estate brokers through the provision of services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach that is centred on collaboration and resource sharing.

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 more detailed statistics on the Montreal area, read the QFREB Barometer.

SOURCE Québec Federation of Real Estate Boards

For further information: Taïssa Hrycay, Director, Communications and Public Relations, Quebec Professional Association of Real Estate Brokers, Tel.: [phone], ext.157, [email protected]; Nathalie Rochette, Assistant Director, Communications and Public Relations, Quebec Professional Association of Real Estate Brokers, Tel.: [phone], ext. 238, [email protected]

Related Links

www.fciq.ca