Home sales increased within the whole Montreal Census Metropolitan Area (CMA) in July as prices also rose considerably year-over-year.
Same goes for condo sales, according to the Quebec Professional Association of Real Estate Brokers (QPAREB), which just released its most recent residential market stats for 2020.
In total, 5,356 residential sales transactions were concluded in July 2020, a 46 per cent increase compared to July of last year and a new sales record for a month of July. QPAREB attributes this rebound to the “catching-up of transactions” that were halted in early spring.
“The resumption of transactions is gaining strength in Montreal, as is—to a lesser extent—the resumption of new listings, which does not suggest a significant relaxing of market conditions for the time being,” said Julie Saucier, president and chief executive officer of the QPAREB. “Conditions remained very favourable for sellers in July with prices still rising sharply,” she added.
Sales
Quebec condo sales and plexes’ sales increased considerably in July, rising by 45 per cent and 34 per cent, respectively. Single-family homes posted the largest increase, with a 48 per cent jump in transactions year-over-year across the CMA.
Selling times went down across all property types. On average, it took only 41 days for a condo to sell, which is 30 days less than in July of last year. The amount of time it took to sell a single-family home (57 days) and a plex (71 days) fell by six days and seven days.
Prices
The median price of condos rose by 12 per cent to reach $312,000, while that of plex increased by seven per cent to reach $624,900. The median price of single-family homes reached $423,000, an 18 per cent increase compared to July of last year.
Sales by geographic area
All six main areas of the Montreal CMA registered a significant increase in sales compared to July of last year, with particularly impressive increases on the North Shore of Montreal ( up 84 per cent) and in Vaudreuil-Soulanges ( up 65 per cent).
The peripheral markets of the CMA continue to benefit from a significant surge in interest. The areas of Saint-Jean-sur-Richelieu and the South Shore of Montreal also registered a strong rebound in transactions of 51 per cent and 41 per cent, respectively, followed by Laval with an increase of 33 per cent.
Sales on the Island of Montreal have also resumed much more sustained activity since the start of the pandemic, posting a 31 per cent increase in transactions year-over-year.
