Just like last month, the Montréal and Québec real estate market is proving to be very dynamic.

According to the APCIQ, real estate activity in Quebec continues to grow in May. In Quebec, nearly 10,400 transactions were reportedly carried out by real estate brokers in May, an increase of 7% in Quebec compared to last year! 

When we look at the data for each neighbourhood, however, a few nuances appear in these results. An active market does not necessarily mean that everyone benefits!

Data from May 2019 in Montreal by neighbourhood

Plateau Mont-Royal-Mile-End

• 37% condominiums and 33% of plexes sold between May 1 and 31, 2019 were sold at a higher price, with an average time frame of 13 and 71 days respectively.
• However, 54% of condominiums and 55% of plexes were sold below the asking price, with average turnaround times of 48 and 50 days.

Rosemont

• Nearly 37% of condominiums, as well as 44% of plexes and 40% of single-family homes, sold for higher prices, with average time frames of 42, 12 and 101 days, respectively.
• However, 47% of condominiums, 48% of plexes and 60% of single-family homes sold below the asking price, with average turnaround times of 48, 55 and 31 days, respectively.

The same trend continues for neighbouring districts such as HoMa, Outremont and Villeray. While several properties of all types sell quickly at higher prices, others are slow to be sold and, when they are, prices are lower than those expected by current owners.

And elsewhere in Quebec? 

Last month, we evaluated sales for the first quarter of 2019 and compared it to the first quarter of 2018. Let’s see what May 2019 looks like compared to last year.

The number of sales

According to Centris data, May is in line with April: the number of sales is still increasing everywhere in the province!

Median selling prices

In general, we can see that the median selling prices for single-family homes are increasing throughout the province, particularly in Montréal, Québec City and Trois-Rivières.

Would you like to take advantage of the current market’s dynamic growth? Contact one of our real estate brokers now, with no obligation on your part. 514 597-2121

Photo credit: Maurice Nantel