Residential Real Estate Report-June 2021
prepared by Diamond Diamond Real Estate INC.
Part 1
Market Analysis – Diamond Diamond Real Estate INC.
In May, Quebec real estate market has exhibited a surging demand for condos. June continued the footsteps of the fifth month of 2021, the transactions, median price and total sales in condos still shows an upward trend. The condo market in Greater Montreal set up a new historical record of 1,764 in terms of total sales.
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 very much to the advantage of seller’s market, more than half of the sales transactions in Montreal CMA were closed at a price that was above the asking price.
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 1,012 while single family homes mark the sale of 493!
Top five regions that have the most sales in single family homes are , Pierrefonds (49), RDP/PAT (41), CDN/NDG(30), DDO(29) and Mercier/Hochelaga(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, CDN/NDG, DDO and Mercier/Hochelaga are also the hottest areas in the market in June. Overall, the five cities are currently the most sought-after areas in Montreal in terms of environment, schools, services as well as transportation.
The top 5 areas with the highest medium price for single family homes are Westmount ($1.925M), Outremont ($1.79M), Ville Marie(1.75M), Hampstead ($1.7M) and Mont Royal ($1.52M)
Condo’s market presents a remarkable performance this month. Top five regions that have the most sales in condos are Ville Marie（181），Le Sud-Ouest（99), Mercier/Hochelaga (95) Plateau Mont Royal (82) and Rosemont (76)
Montreal Metropolitan Area (MMA) is made up of 35 cities, the highest selling price in single family home is $8M from Westmount, 25 cities sold the houses valued more than $1M. 11 cities sold the houses valued more than $2M.
In terms of the condo’s market, the most expensive condo is sold at $2.7M from Ville Marie, 11 cities sold condos valued more than $1M.
In conclusion, the sales of condos continued to grow in the month of June, specifically in the heart of Montreal Island. The shortage of listings and the phenomenal growth in prices have affected activity levels.
Part 2
Centris Quebec Real Estate Report – June
Important note: Several statistics for June 2020 are not representative due to the gradual resumption of transactions and new property listings that took place during this period, following the April 2020 confinement measures. Thus, June 2019 statistics were used to calculate variations, for informational purposes. However, June 2020 remains a valid reference in determining variations in median prices and active listings.
June Key takeaways:
1- The situation of real estate market overheating [1] is still significant, and more than half of all sales transactions in the Montreal CMA were concluded at a price that was above the asking price. The median price of single-family homes stood at $508,000 (+29 per cent), while that of condominiums reached $365,000 (+20 per cent) and that of plexes $703,000 (+16 per cent).
2- Sales on the Island of Montreal jumped by 11 per cent compared to June of last year. This strong increase is primarily attributable to condominiums, which have continued an upward trend since the start of 2021.
3- By property category, sales of single-family homes across the Montreal CMA fell by 18 per cent (2,300 transactions) compared to June of last year. In contrast, a new sales record was set for condominiums, with 1,764 transactions, a 3 per cent increase year-over-year, which is consistent with the trend at the start of the year. The same was true for small income properties (plexes) as sales jumped by 28 per cent with a record-setting 552 sales.
Resources:
(All the figures from https://apciq.ca/en/)
