Montreal claimed a record month for residential sales this August thanks in large part to a sharp uptick in condo transactions.
According to the Quebec Professional Association of Real Estate Brokers (QPAREB), a total of 3,527 residential sales were concluded within the city during the month, representing a 10% increase over sales numbers in August 2018 and the strongest August on record since the organization began collecting data in 2000.
“The exceptional strength of Montreal’s real estate market in August is consistent with the robust sales results that we’ve been seeing since the start of the year,” said Nathalie Bégin, president of the QPAREB board of directors. “Several outlying areas of the Montreal CMA (Consensus Metropolitan Area) are leading the way in terms of sales, and they’re also registering substantial increases in the median price of residential properties. A rebalancing is taking place in relation to the considerable increases that have been observed on the Island of Montreal since 2018.”
Condomimium sales experienced the biggest leap with a 23% increase in transactions (1,374 sales) compared to the same time last year. Sales for plexes rose 18% (371 transactions) and single family homes remained relatively the same with a 1% increase (1,779 transaction).
When it comes to getting into the Montreal real estate market, QPAREB reports that the average cost of getting into a condo rose by 7% to $279,000 since last August. This is followed by a 4% year-over-year price increase for single-family homes ($345,000 average), and a 3% uptick for plexes ($532,500 average).
As for where homebuyers are placing stakes, the report notes that the North Shore, South, Shore, and Laval areas of the Montreal CMA all experienced significant growth with the Saint-Jean-sur-Richelieu area outperforming all of the sectors with a 20 per cent year-over-year increase in sales.
Complete residential sales stats for the Montreal CMA are available online.