residential market

Montreal hits residential sales record

Monday, October 7, 2019

Montreal’s residential sales are up for another month as condo transactions helped mark a new September record.

According to the latest stats from Centris, the Quebec Professional Association of Real Estate Brokers (QPAREB) provincial database, a total of 3,659 residential sales were closed in Montreal Census Metropolitan Area (CMA) during September, representing a 14 per cent increase from one year prior and the best figures for the month to date.

“This September closes the summer season on a very positive note,” said Julie Saucier, president and CEO of the QPAREB. “We are seeing double-digit growth for a third consecutive month, which has not been seen since 2003. We also note that condominium prices are soaring due to a significant drop in inventory.”

Indeed, condo sales were among the strongest in Montreal, rising by 15 per cent (1,381 sales) compared to September 2018. Single-family home transactions also jumped by 15 per cent (1,888 sales), while the sale of plexes with 2 to 5 dwellings were up 11 per cent (386 sales).

Prices were also up among all residential housing categories. The median price of condos increased by 10 per cent from September 2018 to hit $290,000, while the average price of plexes rose 10 per cent to reach $555,750, and the median price for single-family homes went up by 6 per cent to hit $355,000.

Read Centris’ full September 2019 report.

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