The Greater Montréal Real Estate Board (GMREB) released its most recent residential statistics today, based on sales data from Quebec’s Centris database. Montreal’s market has maintained its momentum in the third quarter, with a 5% increase compared to the same period last year.
Sales by geographical area
- Sales activity increased in five of the six metropolitan areas of the Montréal CMA.
- The highest sales increase has registered on the South Shore (+16%), followed by Vaudreuil-Soulanges (+8%), Laval (+5%), Island of Montréal (+3%) and the North Shore (+1%)
- Sales activity decreased by -9% in Saint-Jean-sur-Richelieu.
Sales by residential area
- Condominiums, once again, saw the highest jump in sales at +13%. 3,458 condos were sold in total, in the third quarter of 2018.
- Activity in the plex market rose by 5%, to 967 transactions.
- The single-family homes showed the smallest increase, by 1% to 5,173 transaction.
- The highest price growth was recorded in the ‘plex market, where the average multiplex appreciated by 9% to $520,000.
- The average single family home sold for $335,000, up 6%.
- Condominium prices rose by 4% to an average of $262,900.
- The Island of Montréal ($492,000), Saint-Jean-sur-Richelieu ($260,000), the South Shore ($325,000) and Laval ($340,000) all recorded increases in their median single family home price, at 8%, 8%, 7% and 6% respectively.
- Just over 21,000 residential properties were listed for sale between July and September in the Montréal CMA, a 16 per cent drop compared to the third quarter of last year.
- Decreasing inventory is a sign of a seller’s market, in which heated competition pushes up prices, decreases selling time, and increases the chance of bidding wars.
On average, it took 76 days (-8 days) for a single-family home to sell, 99 days (-11 days) for a condominium to sell, and 78 days (-9 days) for a ‘plex to sell.
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