L’ÎLE-DES-SŒURS, Quebec, Dec. 06, 2019 (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, 4,084 residential sales were concluded in November 2019, a 13 per cent increase compared to November of last year.
"The Greater Montreal market continued to register record setting sales in November, while at the same time, the supply of properties for sale fell for a 50th consecutive month," said Julie Saucier, president and chief executive officer of the QPAREB. "It's striking to note the sharp increase in prices resulting from the overheating market, particularly the 18 per cent jump in condominium prices on the Island of Montreal compared to November of last year. We haven't seen this large an increase since November 2002," she added.
Sales by geographic area
Sales by property category
Number of properties for sale
The supply of residential properties for sale fell for a 50th consecutive month in November, as the number of active listings in the Centris system (16,310) was 22 per cent lower than it was in November of last year. A decrease this large has not been seen since November 2002.
Selling times continue to reflect market conditions that gives sellers a definite advantage over buyers, for all property categories combined. The last time that selling times were this short in a month of November was back in 2004 for single-family homes (58 days, -14 days compared to November 2018) and condominiums (70 days, -25 days). The average selling time for plexes fell to 69 days (-4 days).
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, Instagramand Twitter.
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 November 2019 and year-to-date statistics charts, click here.
For more information:
Communications and Public Relations
514-762-2440, ext. 157
Communications and Public Relations
514-762-2440, ext. 238
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d751836c-fa62-41f0-8c25-5954b6fd5079
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