Residential Real Estate Report-August 2021
prepared by Diamond Diamond Real Estate INC.
Market Analysis – Diamond Diamond Real Estate INC.
Quebec’s ‘Overheat’ real estate market is easing for the past 3 months, however, due to a shortage of supplies, the median price of single family homes and condos still soars by at least 18% in August.
The president of Diamond Diamond Real Estate INC, Jocelyn Kao indicates, as the economic center of Quebec, Montreal market is hot as expected. With market situation still to the advantage of sellers, the average selling time continues to reduce over the months.
In addition, plexes becomes one of the most popular properties among investors, particularly in the suburbs of island of Montreal, the booming demand is mainly driven by the bounce back of rental market.
Among the most sold properties in Island of Montreal, Condos led the highest total sale of 748 while single family homes mark the sale of 332!
Top five regions that concluded the most sales in single family homes are , , PIerrefonds (35), RDP/PAT (32), DDO(28), Beaconsfield (25), St-Laurent (22)
Pierrefonds has led the highest sale among all the regions in Island of Montreal, showing a boosting demand at west side of Montreal. Moreover, RDP/PAT, DDO, Beaconsfield(25) St-Laurent are also the hottest areas in the market in August. Overall, The five cities are currently the most sought-after areas in Montreal in terms of environment, schools, services as well as transportation.
Condo’s market maintains a remarkable performance this month. Top five regions that have the most sales in condos are Ville Marie（156），Le Sud-Ouest（98), Plateau Mont Royal (67)， Mercier/Hochelaga (56) and Rosement (49)
Montreal Metropolitan Area (MMA) is made up of 35 cities, the highest selling price in single family home is $6.9M from Westmount, 25 cities sold the houses valued more than $1M. 9 cities sold the houses valued more than $2M.
In terms of the condo’s market, the most expensive condo is sold at $4M from Westmount, 12 cities sold condos valued more than $1M.
In conclusion, the price of condos continued to rocket in the month of August, specifically in the heart of Montreal Island. The shortage of listings and the phenomenal growth in prices have affected activity levels.
Centris Quebec Real Estate Report – June
July Key takeaways:
1-The supply of residential properties on the market continued to shrink in August, with 10,238 active listings on the Centris system. This represents 20 per cent fewer properties than in August of last year. In terms of year-to-date statistics, the number of properties available for sale in the CMA tumbled by 20 per cent, a phenomenon accentuated by low levels of new listings that have been ongoing for several months now.
2- Median prices continued to rise sharply in August, reaching $500,000 for single-family homes (+17 per cent), $375,000 (+20 per cent) for condominiums and $679,750 (+13 per cent) for plexes. Year-to-date, half of all single-family homes sold for more than $485,000, a 26 per cent jump compared to the same period in 2020. As for condominiums and plexes, their year-to-date median price rose by 20 per cent and 13 per cent, respectively, to reach $354,000 and $676,000.
3- The Montreal real estate market is still showing significant overheating conditions, but the proportion of sales concluded above the asking price has weakened over the past four months.
(All the figures from https://apciq.ca/en/)