Residential Real Estate Report-May
prepared by Diamond Diamond Real Estate INC.
Market Analysis – Diamond Diamond Real Estate INC.
In April, Quebec real estate market has exhibited an surging demand for condos. April continued the footsteps of the fourth month of 2021, the transactions, median price and total sales in condos skyrocket. The condo market in Greater Montreal set up a new historical record of 2,157 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, the condos and plexes (2-5 units) in Montreal Island and surroundings increased drastically in price, sales as well as active listings in the market. In addition, plexes becomes surprisingly popular 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 1,224 while single family homes mark the sale of 517!
Top five regions that have the most sales in single family homes are RDP/PAT (65), Pierrefonds (51), DDO(32)，St Laurent(27), Pointe Claire (26), RDP/PAT has remained the area with highest sales for the eighth consecutive month, showing a boosting demand at east side of Montreal. Moreover, Pierrefonds, DDO, Pointe Claire and St-Laurent are also the hottest areas in the market in May. 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 Outrement ($2.05M), Westmount ($2M), Hampstead ($1.86M), Mont Royal ($1.6M) and Plateau Mont Royal ($1.35M)
Condo’s market presents a remarkable performance this month. Top five regions that have the most sales in condos are Ville Marie (206)，Le Sud-Ouest (142), Plateau Mont Royal (106),
Rosemont(100) and Mercier/Hochelaga (95)
Montreal Metropolitan Area (MMA) is made up of 35 cities, the highest selling price in single family home is $6.4M from Outrement across MMA, 25 cities sold the houses valued more than $1M. 7 cities sold the houses valued more than $2M.
In terms of the condo’s market, the most expensive condo is sold at $3.12M from Ville Marie, 7 cities sold condos valued more than $1M.
In conclusion, the sales of condos increase dramatically in the month of May, specifically in the suburbs of Montreal Island. The shortage of listings and the phenomenal growth in prices have affected activity levels.
Centris Quebec Real Estate Report – May
Important note: Several statistics for May 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, May 2019 statistics were used to calculate variations, for informational purposes. However, May 2020 remains a valid reference in determining variations in median prices and active listings.
May Key takeaways:
1-For the CMA as a whole, a new sales record was set for condominiums with a total of 2,157 transactions, a 9 per cent jump compared to May of 2019, which is consistent with the trend since the start of the year. The same is true for plexes (608 sales, +12 per cent). Plex sales increased dramatically off the Island of Montreal, while single-family homes off-Island registered a drop in transactions (2,111 sales, -14 per cent) compared to May of 2019.
2- There were 5,204 active condominium listings in May, a 6 per cent increase compared to May of 2020. There was also an upward trend for plexes (2,059 listings, +26 per cent). As for single-family homes, active listings remained at an all-time low (4,184 listings, -40 per cent).
3- With market conditions still strongly in favour of sellers, and against a backdrop of overbidding, median prices reached $496,000 for single-family homes (+34 per cent compared to May 2020), $365,000 (+30 per cent) for condominiums, and $701,000 (+17 per cent) for plexes.
(All the figures from https://apciq.ca/en/)