Montreal home sales down 14 percent from April to May of 2021

The Quebec Professional Association of Real Estate Brokers, in its latest statistics, revealed that home sales in the Montreal Census Metropolitan Area fell from 6,237 in April to 5,398 last month, a 14 percent decrease.

And according to media reports, new listings were at 6,508 in May, down from 7,183 in April. Compared to May 2020, active listings were down 15 percent and the median price of single-family homes increased 34 percent.

These and other statistics come from the association’s Centris provincial database.

“In a context of soaring prices for single-family homes in the Montreal area and the easing of the health crisis, many households are interested in condominiums, which are experiencing a meteoric rise in prices,” stated Charles Brant, director of the QPAREB’s Market Analysis Department. “In this context, small income properties (plexes) are also very popular among investors, particularly in areas surrounding the Island of Montreal, which is supported by a rental market that is expected to tighten as the purchasing power of households deteriorates.”

The association’s statistics mainly features comparisons with May 2019, as it does not consider May 2020 to be a “representative reference month” because of COVID-19 slowdowns. Still, the statistics do show that there were 3,267 sales in May 2020, and 5,554 in May 2019. To date this year, there were 26,891 sales compared to 19,684 last year, a 37 percent increase.

Other statistics:

• “A total of 2,628 single-family homes were sold across the CMA in May, a significant decline compared to May of 2019 (-13 per cent).

• “On the Island of Montreal, 2,118 sales were concluded in May 2021, a seven per cent increase compared to May of 2019. This strong sales growth can be attributed to condominium sales, which have been increasing since the start of the year.”

• “For the CMA as a whole, a new sales record was set for condominiums with a total of 2,157 transactions, a nine per cent jump compared to May of 2019, which is consistent with the trend since the start of the year.”

• “The same is true for plexes (608 sales, +12 per cent). Plex sales increased dramatically off the Island of Montreal, while single-family homes off-Island registered a drop in transactions (2,111 sales, -14 per cent) compared to May of 2019.”

• “There were 5,204 active condominium listings in May, a six per cent increase compared to May of 2020. There was also an upward trend for plexes (2,059 listings, +26 per cent). As for single-family homes, active listings remained at an all-time low (4,184 listings, -40 per cent).”

• “With market conditions still strongly in favour of sellers, and against a backdrop of overbidding, median prices reached $496,000 for single-family homes (+34 per cent compared to May 2020), $365,000 (+30 per cent) for condominiums, and $701,000 (+17 per cent) for plexes.”

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(1) comment

Matheson

The proposed new language legislation should have an effect on keeping property values low.

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