L’ÎLE-DES-SŒURS, Quebec, Jan. 08, 2020 (GLOBE NEWSWIRE) -- 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, 3,533 residential sales were concluded in December 2019, a 26 per cent increase compared to December of last year. 

"Montreal's residential real estate market had an exceptional year in 2019. Momentum continued into December as sales jumped by 26 per cent, thereby suggesting there will be a dynamic start to the year 2020," said Julie Saucier, president and chief executive officer of the QPAREB. “The real issue is the constant and widespread drop in active listings in all sectors of the city, which further accentuates the already significant pressure on prices," she added.

Sales by geographic area

• All six main areas of the Montreal CMA registered significant sales increases in December: the North Shore (+34 per cent), the South Shore (+31 per cent) Laval (+27 per cent), the Island of Montreal (+21 per cent), Vaudreuil-Soulanges (+20 per cent) and Saint-Jean-sur-Richelieu (+19 per cent).

Sales by property category

• The condominium segment maintained its lead as sales of this property category jumped by 32 per cent. The 1,301 transactions that were concluded across the CMA represent a new sales record for a month of December. Once again, there were spectacular increases in the suburbs: +51 per cent on the North Shore, +49 per cent in Laval and +40 per cent on the South Shore.
• Sales of single-family homes rose by 22 per cent and remain the most popular property category with a total of 1,808 transactions concluded in December. 
• Sales of plexes (2 to 5 dwellings) jumped by 28 per cent, with 421 transactions concluded in December. The last time sales were this high in a month of December was back in 2006.

Prices

• The median price of single-family homes across the Montreal CMA stood at $355,000 in December, up 9 per cent compared to one year earlier. This increase was similar to those registered over the past three months.
• The median price of condominiums stood at $285,000, a sustained increase of 5 per cent compared to December of last year. 
• The median price of plexes jumped by 11 per cent year-over-year, reaching $581,000.

Number of properties for sale

The supply of residential properties for sale fell for a 51st consecutive month in December, as the number of active listings in the Centris system (14,440) was 24 per cent lower than it was in December of last year.  This decrease in active listings was particularly pronounced for condominiums (-32 per cent) and plexes
(-24 per cent).

Selling times

Selling times continue to reflect market conditions that give sellers a definite advantage over buyers, for all property categories combined. The last time that selling times were this short in a month of December was back in 2002 for single-family homes (61 days, -15 days compared to December 2018) and condominiums (76 days, -17 days). The average selling time for plexes fell to 74 days (-3 days).

About the Quebec Professional Association of Real Estate Brokers

The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 12,700 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec's residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l'immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Instagram and Twitter.

About Centris

Centris.ca is Quebec’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 Quebec.

For December 2019 and year-to-date statistics charts, click here.

For more information:

Taïssa Hrycay
Director
Communications and Public Relations 

1-888-762-2440 or
514-762-2440, ext. 157
taissa.hrycay@qpareb.ca

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0a1a118-e32d-4b86-9d13-74fdf19987de

Montreal Area Real Estate Market

Residential Sales – December 2019