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Centris® Residential Sales Statistics: July 2018

Montreal has seen the busiest month of July in the past 8 years, when it comes to residential real estate sales.

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The Greater Montréal Real Estate Board (GMREB) recently released its latest real estate market statistics for Montreal’s Census Metropolitan Area.

In total, 3,201 property transactions were concluded last month, which is 1% higher than July last year, and an 8 year record for the month of July.

Which areas performed best?

Three of the Montréal six CMA areas saw increased real estate sales in June.

The South Shore led the way with a 15% increase compared to June 2017.

Vaudreuil-Soulanges and the North Shore also saw a large jump in sales, at 8% and 3% higher respectively.

Meanwhile sales decreased on the Island of Montréal (-4%, Laval (-7%) and Saint-Jean-sur-Richelieu (-24%).

This is the third consecutive month in which sales have dropped in Montreal, due to a recent decrease in supply.

Which property types performed best?

In July, condo sales in the Montréal CMA rose by 6%, to1,139 transactions.

Plex sales increased by 2% to 303 transactions.

Single-family home sales decreased by 2% to 1,752 transactions.

Average prices and appreciation rates

All property categories saw a strong increase in price, this July.

  • The median price of single-family homes in the CMA is now $336,250 – 6% higher than July last year.
  • The median price of condominiums increased to $265,000 (5% appreciation).
  • The median price of plexes rose to $528,500 (9% appreciation).

Supply of residential properties

The downward trend of active listings has continued in Montreal for the 34th consecutive month.

There were 21,230 active residential listings recorded on the Centris system last month.

This is 17% fewer properties than July 2017.

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