The first quarter of activity in Montreal’s real estate market has shown signs of shifting in the direction of a seller’s market – with a decreasing number of active listings and a shorter time to sell, but an increased number of total sales. For buyers, finding a good investment opportunity and securing an accepted offer may prove to be more challenging in the coming months. To offset the increased competition and limited supply of residential properties, prospective buyers and investors are advised to make use of automated search tools such as our Property Alerts.
When it comes to sellers, the shift towards a seller’s market is good news as prices will continue to rise in response to a stable demand and diminished supply. This may be a good time to find out how much your home is worth and consider listing it in time for the spring market!
13% decrease in total active listings
The number of active listings on Centris® – Quebec’s MLS system, has dropped by 13% in comparison to the number of active listings in February 2016. This is the 17th consecutive month in which falling active listings have been recorded.
Regional changes in sales figures
- February 2017 saw a 7% increase in number of sales on the Island of Montreal. Amongst the 5 main metropolitan areas, this was the largest increase recorded. Laval, in comparison, saw a 3% increase in total transactions.
- The North Shore maintained a stable number of residential sales in the first quarter of 2017, while Vaudreuil-Soulanges and South Shore recorded a 3% decline and 5% decline respectively.
- Luxury property sales continue to grow at a healthy rate across the board, with a 19% increase above the $500,000 mark.
- On the other hand, properties under the price range of $300,000 experienced a 6% decrease in activity when compared to the same period last year.
Median Prices by property type
- Single family homes ranged at a median price of $296,662 in February. This was a 4% increase relative to February 2016.
- Condominiums averaged at $238,900; a 5% increase compared to the previous year.
- The price of Plexes increased by 6%, reaching a median of $475,000.
Sales statistics by property type
- Condominiums experienced the largest growth is sales figures (11%) this February.
- Small rental properties (2-5 doors) saw an increase in sales of 3%.
- Single-family homes experienced a 3% drop in activity.
According the the statistics recorded in the first quarter of 2017, Montreal’s real estate market may shift in favour of sellers with the following trends:
- An increasing number of total sales
- A decreasing number of active listings
- A decreasing Time-to-Sell
- A decreasing monthly supply of properties
- A decreasing number of expired listings
- A decreasing number of new listings