Sales: When compared to the first quarter of 2018, all of the main areas of the Montreal Metropolitan Area showed an increase in residential sales, except for the Island of Montreal where sales were down two per cent (-2%). The downward sales on the Island could be attributed to the fact that prices have gone up, demand is sky high, and there is very low inventory of available properties for sale; people are just not moving.
The North Shore and Saint-Jean-sur-Richelieu posted sales increases of twelve per cent (+12%), Laval sales went up eleven per cent( +11%), South Shore sales increased by ten per cent (+10%) and Vaudreuil-Soulanges area sales were up seven per cent (+7%). Condominiums were the most popluar type of property with ten per cent more purchases made in 2019. Younger first time buyers can more-easily afford a condo then a single home.
Price: Simply put, demand for Montreal real estate is up and supply is down therefore this pushes the prices upward. The median price of single family homes and plexes increased about five per cent (+5%) for the entire region since the first quarter of 2018. For condominum buyers, the Island of Montreal is the number one choice for immigrants and foreign workers and students; the result was an increase in condo prices of eight per cent (+8%).
Overall Market Conditions: It is no secret that sellers currently have the upper hand in most areas of Greater Montreal. A sellers market is when there are 6 months of inventory or less for sale on the market, which is the case for single homes, condos and plexes right now.
The Island of Montreal (downtown and city center) stood out with the lowest number of months a property remains on the market for sale. This shows us that we have the highest demand and the lowest supply for Montreals’ city center. Both sellers and buyers need to adjust themselves accordingly and stategize when planning a move. You may need to buy first before selling for example. As a first time buyer, you may be priced out of the market and look to buying off-island, or turn to a small plex property to help cover your mortgage.