Despite the pandemic that has affected the global economy, property sales in Montreal has shown a remarkable sales growth in July. The 46 percent sales jump has surpassed its double-digit sales record of 16 percent increase in June. This recent development in the real estate market proves that the Montreal-area residential are unfazed by the pandemic and slowly catching up its losses during the onset of the health crisis.
Catching up the sales drop incurred during the pandemic in CMA Montreal’s residential real estate market.
According to the data issued by the Quebec Professional Association of Real Estate Brokers that about 5,356 residential properties were sold in July in the census metropolitan area in Montreal. Aside from the 46 percent increase, which is a new record posted in the same month, the prices also went up.
Montreal Property Sales Slowly Gaining its Momentum
The resumption of property listings in Montreal has resulted to the double-digit upsurge twice after the historic 16 percent sales climb in June ever recorded since the sales nosedived at 68 percent in April at the height of the COVID-19 pandemic. According to Julie Saucier, chief executive offer of Quebec Professional Association of Real Estate Brokers that with the reopening of business transactions in Montreal, though at its slow pace, with some hesitations about the health crisis, at least it offers positive outcomes for sellers during the said period, while the price increasing dramatically.
Sales Rebound in Six Main Areas of Montreal CMA
The sales outcome in Montreal CMA, according to the association was categorized by geographic area and property. The result of the sales by geographic area includes:
- Among the six main geographical areas of Montreal CMA that posted remarkable sales rebound as compared to the same period in 2019, include the Vaudreuil-Soulanges at 65 percent and Montreal’s North Shore at 84 percent.
- The momentous interest upsurge has benefitted the CMA’s peripheral markets, despite the pandemic.
- Among those areas that posted transaction increase include the South Shore at 33 percent and Saint-Jean-sur-Richelieu at 51 percent. Laval comes next at 33 percent increase, and not to be outdone is the Island of Montreal with a 31 percent surge in year-over-year transactions.
For the sales by property:
- There was a 48 percent surge in July transactions when it comes to single-family homes, which is considered as the largest sales recorded amidst the pandemic.
- There was a considerable increase by 45 percent in condominiums and 34 percent in plexes.
- Shortened selling times for all property categories were observed, which means 41 days to dispose a condominium, or fell by 30 days compared to the same period in 2019. For a single-family home, it took 57 days to sell or 6 days less than and 71 days for plexes or 7 days less than in July 2019.
Based on the sales outcome, there was an increase of 18 percent for the sales of single-family homes with a median price of $423,000. Plexes were disposed with a median price of $624,900 or 7 percent more than its price in 2019, and 12 percent increase for condos with a median price of $312,000. Active listings found on the Centris system as of July 2020 include 12,800 residential properties or 24 percent lower than for the same period in 2019. In June, 2020, there were 5,960 new properties listed on the system, which is 38 percent higher than in the same period of last year.