Real estate market in the Montreal area
Home Sales – July 2021
L’LE-DES-SŒURS, Quebec, 4 August 2021 (GLOBE NEWSWIRE) – The Professional Association of Real Estate Brokers of Quebec (QPAREB) has just released residential real estate market statistics for Montreal Metropolitan Census Area (CMA) for July based on the Centris Provincial Real Estate Brokers Database.
“July confirmed a significant decline in sales that began in May, thus returning to its pre-pandemic level in the summer. You may remember that last July we saw impressive sales levels that went beyond just postponing deals that failed to close in the spring, ”said Charles Brunt, director of market analysis at QPAREB. also due to the reduction in the pool of buyers who can afford real estate at current market prices. However, we are really seeing a slowdown in price growth and an equalization of price changes since spring for all categories of real estate combined, ”he added. …
Highlights of July
Real estate brokers’ Centris system recorded 3,799 sales and purchases at the Montreal CMA in July. This represents a 29 percent decline in sales from a peak in July last year and reinforces the downward trend in sales that began in early spring. However, this is the second best result ever recorded in July since Centris began collecting market statistics in 2000.
Sales on Montreal Island are down 20 percent from last July. For the second month in a row, single-family homes showed the largest decline in sales – 33%.
Sales also declined in all peripheral areas, and this decline can also be attributed to a slowdown in transactions for single-family homes: Vaudrey-Soulange (-48 percent), North Bank (-38 percent), Saint-Lord. Jean-sur-Richelieu (-31 percent), Laval (-30 percent) and South Coast (-26 percent).
All three main categories of real estate recorded a drop in sales compared to July last year. Single-family home sales fell 37 percent and condominium sales fell 22 percent. Plexes recorded a more modest decline in sales of 4% in transactions.
The increase in the supply of plots in the market (+ 27%) contrasted with the drop in active listings for single-family houses (-37%) and condominiums (-15%).
In terms of prices, the average price for single-family homes in July was $ 500,500, up 18 percent from last July. The median price of condominiums reached $ 360,000, an increase of 16 percent, and the price of plexus reached $ 670,000, an increase of 7 percent. The market is still in an overheating situation, as almost half of all deals in July were concluded at a price higher than the offer price. However, the situation has been improving for three months now.
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About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association of over 13,000 real estate brokers and agencies. It is responsible for promoting and protecting their interests, taking into account the challenges facing the profession and the different professional and regional realities of its members. QPAREB also plays an important role in many real estate dossiers, including the implementation of measures to promote the development of home ownership. The association reports on the statistics of the Quebec residential real estate market, provides training, tools and services related to real estate, and facilitates the collection, dissemination and exchange of information. QPAREB is headquartered in Quebec with administrative offices in Montreal. It has two subsidiaries: Centris Inc. and Collège de l’immobilier du Québec. Follow his activities on qpareb.ca or through his social media pages: Facebook, LinkedIn, Twitter and Instagram…
Centris is a dynamic and innovative technology company in the real estate sector. It collects data and offers solutions tailored to the needs of professionals. Among these solutions are Centris.ca, the most visited real estate site in Quebec.
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