Extremely active real estate market continues into September and accentuates the shortage of properties for sale in Montreal suburbs
L’Île-des-Sœurs, October 7, 2020 – The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its most recent residential real estate market statistics for the Montreal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database.
In total, 5,147 residential sales transactions were concluded in September 2020. This represents a 42 per cent increase compared to September of last year and a new sales record for a month of September.
Cumulatively since the start of the year, and compared to the same nine-month period in 2019, the real estate market in the Montreal CMA has finally recovered all the transactions lost in early spring due to the COVID-19 confinement measures.
“With an average selling time of only 46 days in the Montreal area, a new record has been broken for a month of September, reflecting extremely tight market conditions in favour of sellers, including for properties that are less desirable in normal times,” said Charles Brant, the QPAREB’s director of market analysis.
Sales by geographic area
- Geographically, all six main areas of the Montreal CMA continued to register a very strong increase in sales in September.
- The northern periphery took the lead, as the North Shore and Laval registered notable sales increases of 61 per cent and 59 per cent, respectively.
- Saint-Jean-sur-Richelieu (+49 per cent) and the South Shore (+43 per cent) also showed exceptional sales increases.
- Finally, the Island of Montreal continued its slower catch-up with a 28 per cent rise in sales, and thus surpassed Vaudreuil-Soulanges (+22 per cent) this month.
Sales by property category
- Across the CMA, single-family homes continued to post the strongest sales growth, as sales of this property category jumped by 47 per cent (2,752 transactions) in September.
- Sales of condominiums increased by 39 per cent compared to September of last year (1,905 transactions), while sales of plexes with two to five dwellings grew by 27 per cent (482 transactions).
- New records were set for all three property categories.
- The median price of single-family homes across the CMA jumped by 21 per cent compared to September of last year to reach $430,000.
- The median price of both condominiums and plexes rose by 10 per cent, reaching $318,000 and $610,000, respectively.
Number of properties for sale
- The number of properties for sale continued to contract in September as there were 14,148 active residential listings on the Centris system, down 16 per cent compared to one year earlier.
- The last time that the supply of active listings dipped below this number in the Montreal CMA was back in September of 2003.
- However, there was a very significant increase in active listings for condominiums on the Island of Montreal (+41 per cent), which is in contrast with the other geographic areas of the Montreal CMA, particularly for the single-family home category.
For September 2020 and year-to-date statistics charts, click here.