The Greater Montréal Real Estate Board just released its real estate market report for the first quarter of 2018. GMREB’s quarterly report is based on transactions recorded on Quebec’s real estate brokers’ database; Centris® and takes into account the entire Montreal Census Metropolitan Area (CMA).
Here are some highlights:
- In total, 12,311 residential sales were concluded in the first quarter of 2018
- This is a 7% increase compared to the first quarter of 2017. Q1-2018 marks Montreal’s 15th consecutive quarterly increase in sales, and the best first quarter result in 7 years.
- Condominiums (4,278 transactions) saw the largest jump in their sales growth- 17%
- Sales of single gamily homes (7,005 transactions) rose by 2%
- Sales of ‘plexes (1,019 transactions) increased by 5%.
- All five areas in Montreal’s CMA registered a rise in sales volume.
- The highest sales volume was recorded by the South Shore (12%), followed by Montreal Island (7%)
- Vaudreuil-Soulanges saw the smallest increase, at 3%,
- The average single family home in Montreal sold for $310,000 in Q1-2018, which is 5% higher than the first quarter of 2017.
- Condominiums ($245,000) appreciated at 3% compared to Q1-2017.
- ‘Plexes ($490,000) appreciated at 7%.
- Island of Montréal and Vaudreuil-Soulanges recorded the highest appreciation for single family homes – 8% each.
- Laval and Vaudreuil-Soulanges recorded the highest appreciation for condos, at 7% each.
- Active listings dropped by 16% compared to Q1-2017.
- Q1 saw an average of 25,910 properties for sale in the Montréal CMA.
“Because of the sharp drop in supply for all three property categories, coupled with the increase in sales, market conditions are becoming more and more advantageous for sellers.”
Mathieu Cousineau, President of the Board of Directors of the Greater Montréal Real Estate Board (GMREB) and spokesperson for the Québec Federation of Real Estate Boards in the Montréal area mentioned that most Montreal markets favour sellers. “The only property category that is still showing balanced market conditions is that of condominiums,” he said.
Seller’s markets are characterized by an increase in prices, faster sales, lower supply, and potential bidding wars.
However, not all boroughs registered these market conditions. North Shore, for example, is currently a buyer’s market in the single family home category.
When shopping in a seller’s market, it is advised to:
- Prepare all your documents including your pre-approval beforehand, to avoid unnecessary delays down the line.
- Work with an experienced broker who can quickly and effectively advise you during the negotiation process, while steering you away from risky investments.
- Set up a property alert (your broker of choice will help you complete the process online) to be immediately advised of new listings. Acting fast is a priority in a seller’s market, so you will want to be one of the first to visit the property as soon as it hits the market.
How does this compare to Quebec’s provincial stats?
Quebec’s Federation of Real Estate Boards also released its provincial market report today.
Montréal registered the largest increase in sales in Quebec, followed by Saguenay (5%) Québec City and Sherbrooke (0%). Sales in Trois-Rivières and Gatineau dropped by -11% and -8% respectively.
For the province as a whole, the median price of single-family homes increased by 3% to $248,000.
The median price of condos increased by 3% across the province. Meanwhile, the median price of ‘plexes increased by 6% to $380,000.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 members: real estate brokers. Its mission is to actively promote and protect its members’ professional interests in order for them to successfully meet their business objectives.
About the Québec Federation of Real Estate Boards
The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec’s 12 real estate boards and the close to 13,000 real estate brokers who are their members. Its mission is to support Québec’s real estate boards in order to defend, protect and promote the interests of real estate brokers through the provision of services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach that is centred on collaboration and resource sharing.
Centris.ca is Québec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris® provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris® also manages the collaboration system used by more than 13,000 real estate brokers in Québec.
This article, Montreal Real Estate Market Report: First Quarter, 2018, appeared first on Shupilov News.