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Montreal Real Estate Market Update – Q2 2016

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The “Residential Market Barometer” is a quarterly report published by Centris® offering detailed market analyses that take into account the key indicators of activity (sales, listings, median prices, etc.) in the Montreal area. Here’ a summary of their findings for the second quarter of 2016.

Sales

• 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, the longest sales streak in more than fifteen
years and 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 unchanged
(0 per cent). Vaudreuil-Soulanges registered an 8 per cent decrease in sales.
• The number of properties that sold for $500,000 or more, all property categories combined,
rose by 12 per cent across the CMA in the second quarter of the year.

Median Price

• The median price of single-family homes ($296,500) and condominiums ($239,290) grew 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 increased by 5 per cent on the Island of Montréal ($415,000),
the largest gain 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

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. This was the first
decrease in the number of active condo listings since the fourth quarter of 2010.
• Each of the five main geographic areas of the Montréal CMA registered a drop in the number of active
listings in the Centris® system.

Selling Time

• It took an average of 95 days (+1), 119 days (-3) and 88 days (-3), respectively, for a single-family home,
a condominium and a plex to find a buyer in the second quarter of 201

Market Conditions

• The increase in sales coupled with the decrease in supply led to tighter market conditions for
single-family homes and ‘plexes, which remain relatively balanced across the Montréal CMA.
• Condominium buyers continue to have the upper hand in negotiations, as the current inventory
represents 14 months of sales on the Montréal market.

 

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