Top Montreal Markets To Watch In 2019: Residential Real Estate Outlook
MONTREAL, Jan. 24, 2019 /CNW Telbec/ - Montreal's residential real estate is presently a seller's market, characterized by a highly competitive buying atmosphere, above-average price growth, and diminished inventory.1 This is especially true in the single family home segment, where bidding wars are increasingly common and offers are more likely to be accepted above the original asking price.
However, not all areas in Montreal favor sellers, and not all seller's markets are unaffordable for first time buyers. We crunched Centris data from the last quarter of 2018 to rank market conditions in various Montreal neighborhoods, based on their sales to new listing ratios. We then compared the sales to new listings ratio with median prices recorded in the same period. Neighborhoods with insufficient sales data were omitted from the ranking.
How are market conditions measured?
Sales-to-New-Listings-Ratio (SNLR) is a common metric used to determine whether a real estate market is advantageous to sellers or buyers. It compares the number of new properties listed for sale with the number of homes sold within the same timeframe.2
The Canadian real estate association classifies a market with an SNLR of 0-39% as a buyer's market. In this scenario inventory exceeds demand, which typically increases buyers' bargaining power. Sellers in these markets may find that it takes longer to sell their property, and price growth is likely to stall or even decrease.
A market with an SNLR between 40%-60% is considered a balanced market.
A high SNLR over 60% is indicative of a seller's market. In this scenario, several buyers compete for limited inventory, which pushes up prices and increases the occurrence of bidding wars. In this type of market, sellers hold more bargaining power than buyers do.
Sales to new listing ratios can offer valuable insight into whether it is the right time to buy or sell a home in a particular area.
*All statistics are based on Centris data for the fourth quarter of 2018.
Single Family Homes
Sixteen of the residential markets on Montreal Island, as classified on Centris, recorded sales to new listing ratios consistent with a seller's market. In comparison, seven markets were balanced, and only two markets were advantageous to buyers (Ile Bizard and Lasalle).
Top Seller's Markets:
- Pointe Claire
- CDN-NDG
- Kirkland
- Ville Saint Laurent
- Verdun / Île des Soeurs
Top Buyer's Markets:
- Ville Marie (Downtown and Old Montreal)
- Ile Bizard
- Lasalle
Neighborhood |
SNLR |
Median Price* |
|
Buyer's Markets |
Ville Marie |
13% |
$913,750 |
Ile Bizard |
28% |
$445,250 |
|
Lasalle |
30% |
$450,000 |
|
Balanced Markets |
Westmount |
41% |
$1,640,000 |
Ahuntsic |
46% |
$610,000 |
|
RDP/PAT |
48% |
$310,000 |
|
Anjou |
50% |
$382,500 |
|
Beaconsfield |
52% |
$673,600 |
|
Monteal Nord |
53% |
$300,000 |
|
Cote-St-Luc |
57% |
$620,000 |
|
Seller's Markets |
South West |
60% |
$576,000 |
Mercier / Hochelaga |
61% |
$359,900 |
|
Plateau |
63% |
$999,000 |
|
Saint Leonard |
64% |
$425,000 |
|
Pierrefonds-Roxboro |
68% |
$386,000 |
|
Mont Royal |
69% |
$1,350,000 |
|
Lachine |
72% |
$440,000 |
|
Rosemont |
73% |
$655,000 |
|
Outremont |
76% |
$1,500,000 |
|
Dollard-des-Ormeaux |
78% |
$475,000 |
|
Villeray / St Michel / Parc-Ex |
81% |
$428,500 |
|
Verdun/Ile-des-Soeurs |
82% |
$790,000 |
|
Saint Laurent |
84% |
$595,000 |
|
Kirkland |
86% |
$590,000 |
|
Cote-des-Neiges-NDG |
112% |
$750,000 |
|
Pointe Claire |
149% |
$454,000 |
|
*Most affordable areas are indicated in bold. |
|||
Condominiums
Twelve of the residential markets on Montreal Island, as classified on Centris, recorded sales to new listing ratios consistent with a seller's market. In comparison, seven markets were balanced, and three were advantageous to buyers.
Top Seller's Markets:
- Plateau
- DDO
- Verdun
- Cote St Luc
- Rosemont
Top Buyer's Markets:
- RDP/PAT
- Pointe Claire
- Pierrefonds-Roxboro
Neighborhood/Area |
SNLR |
Median Price* |
|
Buyer's Markets |
Rivière-des-Prairies/Pointe-aux-Trembles |
32% |
$176,250 |
Pointe Claire |
34% |
$358,500 |
|
Pierrefonds-Roxboro |
39% |
$237,500 |
|
Balanced Markets |
Ville Marie |
40% |
$391,500 |
Westmount |
40% |
$630,000 |
|
Saint Leonard |
48% |
$240,000 |
|
Cote-des-Neiges-NDG |
50% |
$366,000 |
|
Lasalle |
55% |
$284,500 |
|
Ahuntsic |
58% |
$245,000 |
|
Lachine |
59% |
$265,000 |
|
Seller's Markets |
Anjou |
61% |
$235,500 |
Outremont |
63% |
$525,000 |
|
Villeray / St Michel / Parc-Ex |
65% |
$309,900 |
|
South West |
69% |
$337,000 |
|
Mont Royal |
69% |
$389,000 |
|
Mercier / Hochelaga |
71% |
$244,000 |
|
Saint Laurent |
72% |
$311,000 |
|
Rosemont |
77% |
$345,000 |
|
Cote-St-Luc |
78% |
$355,000 |
|
Verdun |
86% |
$368,500 |
|
Dollard-des-Ormeaux |
93% |
$260,000 |
|
Plateau |
95% |
$410,000 |
|
*Most affordable areas are indicated in bold. |
|||
Shupilov Real Estate is a Montreal based team offering a complete suite of professional real estate services, from selling homes to purchasing properties and helping investors build successful investment portfolios. Shupilov Real Estate also hosts a news platform and a knowledge base covering educational topics and current issues pertaining to the real estate industry.
For more news about Montreal's real estate market, click here.
____________________
1 According to the FCIQ Barometer for the Fourth Quarter of 2018, Montreal Island
2 SNLR is calculated by dividing the number of new listings by the number of sold listings. All figures are sourced from Centris data for the 4th quarter of 2018.
SOURCE Shupilov Real Estate
Contact Yury Shupilov, Real Estate Broker, 514-945-5727, [email protected]
Share this article