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Centris Real Estate Market Report: November 2018, Montreal

Montreal's residential real estate market remained strong in November.

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Today the Greater Montreal Real Estate Board (GMREB) released its latest residential real estate market report for Montreal’s Census Metropolitan Area (CMA). These statistics are pulled from the real estate brokers’ Centris provincial database.


TL;DR: Last month represented a new sales record for a month of November and the 45th consecutive increase in transactions. Condominiums saw the highest jump in sales activity, while single family homes and plexes recorded the highest appreciation rate at 5%.


Sales by geographic area

5 of the 6 main areas in Montreal’s CMA registered an increase in sales in November.

  • Saint-Jean-sur-Richelieu and the North Shore saw the biggest increase with 23% and 14% respectively.
  • The South Shore (+8 per cent), the Island of Montréal (+3%) and Laval (+1%) also registered an increase in the number of transactions.
  • Vaudreuil-Soulanges was the only area which registered a decrease in sales, as transactions fell by 8% compared to the same period of last year.

Sales by property category

Increased sales in November was registered across all three property categories.

  • Condominium transactions jumped by 10% to 1,256 sales
  • ‘Plex sales jumped by 6% to 436 sales
  • Single-family homes increased by 3% to 1,930 sales

Prices

  • The median price of single-family homes increased by 5% year over year, to $334,000.
  • The median price of condominiums also increased by 5% , to $264,900.
  • The median price of plexes grew by 2% to reach $520,000.

Instantly calculate market price for any property in Montreal

Selling Times

Overall, average selling time is decreasing in the Montreal area. Across all property categories, the combined selling time dropped by 7 days compared to last year.

Single family homes and ‘plexes sold the fastest in Montreal this month. The average single family home and ‘plex took 72 days to sell.

Condominiums, on average, took 94 days to sell.

Instantly calculate expected selling time for any property in Montreal

Number of properties for sale

In November, there were 21,089 active residential listings in the real estate brokers’ Centris system, which is 18% less than one year earlier.


This article, Centris Real Estate Market Report: November 2018, Montreal, appeared first on Shupilov News.

 

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