Montreal-area residential sales jump 46% in July, setting new record for month
07 Aug 2020
Montreal’s residential real estate market continued to play catch-up last month.
Some 5,356 residential property sales were concluded in Montreal’s census metropolitan area in July, a 46 per cent surge and a new record for the month, according to data released Thursday by the Quebec Professional Association of Real Estate Brokers. Prices also advanced.
Montreal-area residential sales jump 46% in July, setting new record for month
This marks the second straight double-digit increase in Montreal-area property sales, following June’s 16 per cent advance. Sales fell for two consecutive months at the start of the COVID-19 crisis, including a 68 per cent plunge in April.
“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,” Julie Saucier, the association’s chief executive officer, said in a statement. “Conditions remained very favourable for sellers in July, with prices still rising sharply.”
All six main geographic areas in greater Montreal posted sales increases.
Montreal’s North Shore and Vaudreuil-Soulanges led the way, with gains of 84 per cent and 65 per cent respectively, while transactions on the island of Montreal rose 31 per cent compared with July 2019.
Prices rose for the three main property categories. Single-family homes sold for a median price of $423,000, 18 per cent more than a year ago. Condominiums saw their median price rise 12 per cent to $312,000, while plexes — defined as properties with two or more dwellings — sold for a median price of $624,900, a seven per cent increase.
About 12,800 residential properties were actively listed on the Centris system in July, 24 per cent fewer than in the same month a year ago. Last month also saw 5,960 new properties for sale being added to the system — a 38 per cent increase compared with July 2019.
