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The FCIQ recently launched its report detailing the end of year statistics for Montreal’s residential real estate market.
2015 ended on a high note, seeing a 9% increase in sales in the fourth quarter, compared to the fourth quarter of 2014. In total, 37,935 sales were concluded in 2015, a 6% jump from 2014. This was the largest annual increase in sales volume since 2007. Sales of single-family homes and small rental properties (‘plexes) rose by 7 per cent in 2015, while condominium sales grew by 3 per cent. Geographically, sales increases were observed on the Island of Montréal (+9 per cent), on the Median price.
Moderate increases in median price were observed across the CMA in 2015: 3 per cent for single-family homes ($289,829) and condominiums ($238,000), and 2 per cent for plexes ($445,000). Among the five main areas of the Montréal CMA, the largest increase in the median price of single-
family homes was in Vaudreuil-Soulanges, where it grew by 4 per cent. The median price of condominiums on the Island of Montréal stood at $277,000 (+3 per cent), thanks to strong sales in the price range of $500,000 and more.
Active Sales Listings
The increase in the supply of properties for sale continued in 2015 for a fifth consecutive year, but at a slower pace of only 2 per cent. The largest increase in the number of active listings was in Laval (+6 per cent) compared to 2014, but it remained stable in Vaudreuil-Soulanges and on the South Shore. By property category across the CMA, the supply of condominiums increased by 4 per cent, South Shore (+6 per cent), on the North Shore (+5 per cent) and in Laval (+3 per cent). while single family homes and plex listings both increased by 1%.
A slight increase in average selling times was registered in 2015. On average, it took 96 days (+3), 125 days (+5) and 93 days (+3), respectively, for a single-family home, condominium and plex to find a buyer.
At the end of the year, market conditions for single-family homes and plexes were balanced across the CMA, with 9 months and 10 months of inventory, respectively. Only the condominium segment showed a surplus of supply, but the number of months of inventory (14) seems to be in the process of stabilizing.
*This information was sourced from the FCIQ market report.*
To request the full report, please fill out your contact information here. Includes:
- Economic indicators
- Socioeconomic profile of Montreal’s population
- Detailed statistics per geographical area