February sees significant increase in residential property sales across Montreal

Median prices of all home types in Montreal also continue to rise

February sees significant increase in residential property sales across Montreal
Duffie Osental

The number of sales transactions of residential property in Montreal has increased in February 2020 compared to the same time a year ago.

According to the latest figures from the Quebec Professional Association of Real Estate Brokers (QPAREB), a total of 5,338 residential sales were concluded in February 2020 – representing a 23% increase compared to February of last year.

“A new record was set this year for the number of sales transactions during a month of February, surpassing the previous peak that dates back to 2002,” said Julie Saucier, president and chief executive officer of the QPAREB. “Active listings continue to decline, and this further tightening of the market in favour of sellers is leading to double-digit price growth in the tightest sectors.”

Read more: Montreal had the greatest luxury price growth across Canada last year

All six main areas of the Montreal census metropolitan area (CMA) registered an increase in transactions in February. Saint-Jean-sur-Richelieu, the South Shore, Laval and the North Shore stood out with respective sales increases of 33%, 30% 28%, and 23%  Meanwhile, Vaudreuil-Soulanges and the Island of Montreal registered more modest level of activity, as transactions rose by 18% and 17% respectively.

Broken down by property type, the number of single-family home transactions across the Montreal CMA rose by 23% (2,958 sales) in February. The number of condominium transactions also increased by 23% (1,942 sales), while plex transactions jumped by 31%.

The median price of single-family homes across the CMA also continued to increase sharply, rising by 13% compared to the February of 2019 to reach $360,000. Meanwhile the median price of condominiums and plexes also increased significantly compared to the same time last year, by 10%, to $275,000 and 13% to $597,750, respectively.

And for all property categories combined, median prices on the Island of Montreal, Vaudreuil-Soulanges, the South Shore, and the North Shore registered strong increases of 16%, 16%, 13%, and 9%, respectively. Meanwhile, price growth was slightly lower in the areas of Laval (7%) and Saint-Jean-sur-Richelieu (6%).