L’ÎLE-DES-SŒURS, Quebec, March 05, 2020 (GLOBE NEWSWIRE) -- The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its most recent residential real estate market statistics for the Montreal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database.

In total, 5,338 residential sales were concluded in February 2020, a 23 per cent increase compared to February of last year. This was the 60th consecutive month of sales growth.

Sales by geographic area

  • All six main areas of the Montreal 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 per cent, 30 per cent, 28 per cent and 23 per cent.
  • Sales in Vaudreuil-Soulanges and on the Island of Montreal registered a more modest level of activity, as transactions rose by 18 per cent and 17 per cent, respectively.

Sales by property category

  • Across the CMA, the number of single-family home transactions rose by 23 per cent (2,958 sales) in February. The number of condominium transactions also increased by 23 per cent (1,942 sales), while plex transactions jumped by 31 per cent (434 sales).

Prices

  • The median price of single-family homes across the CMA continued to increase sharply, rising by 13 per cent to reach $360,000, while the median price of condominiums also increased significantly, by 10 per cent, to reach $275,000.
  • The median price of plexes (two to five dwellings) registered a 13 per cent increase compared to February of last year, settling at $597,750.
  • 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 per cent, 16 per cent, 13 per cent and 9 per cent, respectively.
  • Price growth, while still strong, was slightly lower in the areas of Laval and Saint-Jean-sur-Richelieu (+7 per cent, +6 per cent).

"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," she added.

Number of properties for sale

In February, there were 20,619 active residential listings in the Montreal CMA, a 7 per cent drop compared to February of last year.

For February 2020 and year-to-date statistics charts, click here.

About the Quebec Professional Association of Real Estate Brokers

The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 12,700 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec's residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l'immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn , Instagram and Twitter.

About Centris

Centris.ca is Quebec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris also manages the collaboration system used by more than 13,000 real estate brokers in Quebec.

For more information:

Taïssa Hrycay
Director
Communications and Marketing 

1-888-762-2440 or
514-762-2440, ext. 157
taissa.hrycay@qpareb.ca

An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/545b18ac-98f8-45b4-af36-5c1ef4aa27d3