Montréal's Residential Real Estate Market Continued to Perform Well in the Second Quarter of 2016

L'ÎLE-DES-SŒURS, QC, July 14, 2016 /CNW Telbec/ - The Greater Montréal Real Estate Board (GMREB) has released its most recent residential sales statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris^® provincial database. In total, 12,767 residential sales were concluded in the second quarter of 2016, a 2 per cent increase compared to the second quarter of last year. This was the eighth consecutive quarterly increase in sales, and the longest sales streak in more than fifteen years.

Click here to see the main statistics for the Montréal Metropolitan Area's residential real estate market.

Here are the highlights for the second quarter of 2016, as compared to the second quarter of last year.

Sales

• The 12,767 transactions concluded from April to June represent the best second quarter sales result in four years.
• Sales of single-family homes and condominiums increased by 1 per cent and 4 per cent, respectively, while plex sales (two to five dwellings) fell by 3 per cent.
• Geographically, the South Shore, Laval and the Island of Montréal registered respective sales increases of 5 per cent, 4 per cent and 1 per cent, while sales on the North Shore remained stable (0 per cent) and sales in Vaudreuil-Soulanges fell by 8 per cent.
• Sales of properties at $500,000 or more, for all property categories combined, rose by 12 per cent across the CMA in the second quarter of the year.

Prices

• The median price of single-family homes ($296,500) and condominiums ($239,290) rose by 2 per cent and 1 per cent, respectively, in the second quarter of 2016, while plexes ($460,000) registered a more sustained increase in median price, at 3 per cent.
• The median price of single-family homes grew by 5 per cent on the Island of Montréal ($415,000), the largest increase among the five main areas of the Montréal CMA.
• Half of all condominiums in Laval were sold at a price higher than $219,000. This represents a 4 per cent increase year over year and the largest increase in the Montréal CMA.

Active listings 

• 32,390 properties displayed a "For Sale" sign in the Montréal CMA in the second quarter of 2016, which is 10 per cent less than in the second quarter of 2015. This was the third consecutive quarterly decrease in active listings.
• The supply of single-family homes and plexes fell by 13 per cent and 9 per cent, respectively, while that of condominiums fell by 6 per cent compared to the second quarter of last year.

Market conditions remain relatively balanced across the Montréal metropolitan area for single-family homes and plexes. "For condominium resales, buyers still have the upper hand in the Montréal area, but the number of active listings just decreased for the first time since the fourth quarter of 2010, which means that the excess supply is slowly starting to shrink," said Daniel Dagenais, President of the Board of Directors of the Greater Montréal Real Estate Board (GMREB).

Québec's Residential Real Estate Market Continues its Momentum in the Second Quarter of 2016

The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential sales statistics for the province of Québec, based on the real estate brokers' Centris^® provincial database. In total, 24,605 sales were concluded in the second quarter of 2016, a 4 per cent increase compared to the second quarter of last year and the eighth consecutive increase in sales. It was also the best second quarter result in four years. 

Click here to see the main residential statistics for the province of Québec.

Among the province's census metropolitan areas (CMAs), Gatineau registered the largest increase in sales (+12 per cent) for a second consecutive quarter. The Trois-Rivières CMA registered a 5 per cent increase in transactions, setting a new second quarter sales record. The Montréal and Québec City CMAs both posted a 2 per cent increase in sales in the second quarter of 2016 as compared to the second quarter of 2015, while the Sherbrooke (-1 per cent) and Saguenay (-2 per cent) CMAs registered small decreases.

Elsewhere in the province, two agglomerations in the Lanaudière area – Joliette and Saint-Lin-Laurentides – stood out with dramatic sales increases of 47 and 37 per cent, respectively. Sales results in the agglomerations of Saint-Georges (+42 per cent), Mont-Tremblant (+33 per cent) and Rimouski (+22 per cent) are certainly worth mentioning as well. In contrast, the most notable sales decreases were in the agglomerations of Baie-Comeau (-19 per cent), Thetford Mines (-24 per cent) and Sept-Îles (-40 per cent).

There has still not been an acceleration in price growth. In the second quarter of 2016, the median price of single-family homes in Québec stood at $237,500, which is only 1 per cent more than in the second quarter of last year. Prices did not increase at all in the Sherbrooke (0 per cent) and Saguenay (0 per cent) CMAs, while in the Québec City CMA, single-family homes sold for only 1 per cent more than in the second quarter of 2015. The Montréal (+2 per cent), Trois-Rivières (+3 per cent) and Gatineau (+3 per cent) CMAs registered somewhat more convincing increases.

"In terms of the supply of properties for sale, the downward trend has been confirmed," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "The number of properties listed on the real estate brokers' Centris^® provincial system fell by 5 per cent in the second quarter of 2016, the second consecutive decrease. Moreover, this drop in supply now affects the majority of regions across the province," added Mr. Cardinal.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with close to 9,300 members: real estate brokers. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards and the close to 13,000 real estate brokers who are their members. Its mission is to support Québec'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.ca

Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker – more than 100,000 – under the same address. Visit Centris.ca to obtain more information and quarterly statistics for the province of Québec.

For more detailed statistics about the Montréal area, read the QFREB Barometer.

SOURCE Fédération des chambres immobilières du Québec

For further information: Sarah Hamel, Tel.: [phone], ext. 216, [email protected]