Montréal’s real estate market remained strong in November
The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 3,630 residential sales were concluded in November 2018, a 6 per cent increase compared to the same month last year. It also represents a new sales record for a month of November and the 45th consecutive increase in transactions. Click here to watch the November 2018 statistics video.
Sales by geographic area
- Five of the six main areas of the Montréal CMA registered an increase in sales in November.
- Saint-Jean-sur-Richelieu and the North Shore led the way, with respective increases of 23 per cent and 14 per cent.
- The South Shore (+8 per cent), the Island of Montréal (+3 per cent) and Laval (+1 per cent) also registered an increase in the number of transactions.
- Vaudreuil-Soulanges was the only area to register a drop in sales, as transactions fell by 8 per cent compared to November of last year.
Sales by property category
- The increase in sales in November was spread across all three property categories.
- Across the Montréal CMA, the number of condominium transactions (1,256 sales) jumped by 10 per cent, while sales of plexes (436 sales) and single-family homes (1,930 sales) rose by 6 per cent and 3 per cent, respectively.
- The median price of single-family homes and condominium across the CMA increased by 5 per cent year over year, to reach $334,000 and $264,900, respectively.
- The median price of plexes grew by 2 per cent compared to November of 2017 to reach $520,000.
“Homes are selling faster and faster in the Montréal area, as the average selling time, for all property categories combined, was 80 days in November, which is seven days less than one year ago,” said Nathalie Bégin, President of the GMREB board of directors. “Single-family homes and plexes sold the fastest – in an average of 72 days – while it took an average of 94 days for a condominium to sell,” she added.
Number of properties for sale
In November, there were 21,089 active residential listings in the real estate brokers’ Centris system, an 18 per cent drop compared to one year earlier.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with more than 9,500 members: real estate brokers. Its mission is to actively promote and protect its members’ professional interests in order for them to successfully meet their business objectives.