Montreal Metro. Regional figures (Q4-2024/4IÉ-TRIM.2024)

Single-Family Homes
Overall Median Price : $590,000

Condominiums
Overall Median Price: $420,000

• Island of Montreal: $785,000
• Laval: $575,000 
• North Shore of Montreal: $539,000 
• South Shore of Montreal: $585,500 
• Vaudreuil-Soulanges: $600,950 
• Saint-Jean-sur-Richelieu: $525,000 

• Island of Montreal: $475,000 
• Laval: $398,500
• North Shore of Montreal: $359,500 
• South Shore of Montreal: $392,000 
• Vaudreuil-Soulanges: $360,000 
• Saint-Jean-sur-Richelieu: $340,000 

• Demand is Surging Across All Property Types: Sales have increased by 47-48% year-over-year, indicating a strong seller’s market and rising competition among buyers.
• Prices Continue to Rise: Median prices have increased for all property types (+9% for single-family homes, +7% for condos, +8% for plexes), reinforcing an upward pricing trend.
• Limited Supply for Single-Family & Plexes:
  • Single-family home listings dropped by -2%, meaning fewer options for buyers and potential bidding wars.
  • Plex listings fell sharply (-8%), further reducing inventory for multi-unit investments.
  • Only condos saw an increase in listings (+8%), providing more opportunities in that sector.
• Days on Market - Slower :
  • The average selling time has increased across all property types, meaning properties are moving less quickly, with plexes selling slowest at 73 days (2 days longer) and condos taking 62 days (4 days longer), while single family dwellings moving fastest at 53 days, (7 days longer).
  • Buyers must act decisively.

Key Real Estate Insights from Q4 2024 Economic Indicators

• Major Decline in Housing Starts (-37%): Only 3,116 new units were started in Q3 2024, down from 4,950 in Q3 2023, suggesting a tightening supply that could push property prices higher.
• Severe Decline in Condominium Construction (-98%): Only 38 new condos started in Q3 2024, compared to 1,669 in Q3 2023, signaling a sharp contraction in new supply and potential future price surges for condos.
• Rental Construction Down (-7%): Fewer new rental units (2,629 vs. 2,832 in Q3 2023), exacerbating the existing rental market pressures.
• Single-Family Home Starts Unchanged (0%): No growth in new single-family construction (449 units), maintaining a limited supply in an already constrained market.

• Rates Have Declined:
  • 1-Year Term: 7.24% (-0.78 percentage points YoY)
  • 5-Year Term: 6.49% (-0.55 percentage points YoY)

• Consumer Confidence Rose by 11 Points (84 vs. 73 in Q4 2023), showing stronger optimism about financial conditions.
• More People Believe It's a Good Time to Buy: 18% say now is a good time for a major purchase, up from 7% in Q4 2023 (+12 percentage points), potentially driving more homebuying activity.

• Unemployment Rate Increased (6.7%, up 0.7 percentage points YoY), indicating a slight cooling in the job market, which could impact affordability.
• Employment Grew Slightly (+23,200 jobs), a modest increase that could support homeownership demand.

• Vacancy Rate Remains Critically Low at 1.5%, 
• Average Rent Increased by 7% ($1,096 vs. $1,022 in Q4 2023)

• Buyers Face a Tightening Market: With fewer new housing starts, declining mortgage rates, and rising consumer confidence, demand could exceed supply, leading to price growth.
• Sellers Have an Advantage: Limited new supply, particularly for condos, means sellers could see increased property values in 2024.
• Renters Struggle with Limited Options: Low vacancy rates and rising rents make it difficult to secure affordable housing.

Single-Family Homes
Overall Median Price : $590,000

Condominiums
Overall Median Price: $420,000

• Island of Montreal: $785,000
• Laval: $575,000 
• North Shore of Montreal: $539,000 
• South Shore of Montreal: $585,500 
• Vaudreuil-Soulanges: $600,950 
• Saint-Jean-sur-Richelieu: $525,000 

• Island of Montreal: $475,000 
• Laval: $398,500
• North Shore of Montreal: $359,500 
• South Shore of Montreal: $392,000 
• Vaudreuil-Soulanges: $360,000 
• Saint-Jean-sur-Richelieu: $340,000 

• Demand is Surging Across All Property Types: Sales have increased by 47-48% year-over-year, indicating a strong seller’s market and rising competition among buyers.
• Prices Continue to Rise: Median prices have increased for all property types (+9% for single-family homes, +7% for condos, +8% for plexes), reinforcing an upward pricing trend.
• Limited Supply for Single-Family & Plexes:
  • Single-family home listings dropped by -2%, meaning fewer options for buyers and potential bidding wars.
  • Plex listings fell sharply (-8%), further reducing inventory for multi-unit investments.
  • Only condos saw an increase in listings (+8%), providing more opportunities in that sector.
• Days on Market - Slower :
  • The average selling time has increased across all property types, meaning properties are moving less quickly, with plexes selling slowest at 73 days (2 days longer) and condos taking 62 days (4 days longer), while single family dwellings moving fastest at 53 days, (7 days longer).
  • Buyers must act decisively.

Key Real Estate Insights from Q4 2024 Economic Indicators

• Major Decline in Housing Starts (-37%): Only 3,116 new units were started in Q3 2024, down from 4,950 in Q3 2023, suggesting a tightening supply that could push property prices higher.
• Severe Decline in Condominium Construction (-98%): Only 38 new condos started in Q3 2024, compared to 1,669 in Q3 2023, signaling a sharp contraction in new supply and potential future price surges for condos.
• Rental Construction Down (-7%): Fewer new rental units (2,629 vs. 2,832 in Q3 2023), exacerbating the existing rental market pressures.
• Single-Family Home Starts Unchanged (0%): No growth in new single-family construction (449 units), maintaining a limited supply in an already constrained market.

• Rates Have Declined:
  • 1-Year Term: 7.24% (-0.78 percentage points YoY)
  • 5-Year Term: 6.49% (-0.55 percentage points YoY)

• Consumer Confidence Rose by 11 Points (84 vs. 73 in Q4 2023), showing stronger optimism about financial conditions.
• More People Believe It's a Good Time to Buy: 18% say now is a good time for a major purchase, up from 7% in Q4 2023 (+12 percentage points), potentially driving more homebuying activity.

• Unemployment Rate Increased (6.7%, up 0.7 percentage points YoY), indicating a slight cooling in the job market, which could impact affordability.
• Employment Grew Slightly (+23,200 jobs), a modest increase that could support homeownership demand.

• Vacancy Rate Remains Critically Low at 1.5%, 
• Average Rent Increased by 7% ($1,096 vs. $1,022 in Q4 2023)

• Buyers Face a Tightening Market: With fewer new housing starts, declining mortgage rates, and rising consumer confidence, demand could exceed supply, leading to price growth.
• Sellers Have an Advantage: Limited new supply, particularly for condos, means sellers could see increased property values in 2024.
• Renters Struggle with Limited Options: Low vacancy rates and rising rents make it difficult to secure affordable housing.

1. Market is in a Strong Seller’s Market:
   
   • Sales increased by 44% across all property types, signaling strong demand.
   • Median prices are rising:
     • Single-family homes: +10% ($785,000)
     • Condos: +6% ($475,000)
     • Plexes: +8% ($840,000)
   • Low inventory levels indicate limited choices for buyers, leading to price increases.

Property Prices Show Consistent Growth Over 5 Years:

• Single-family: +45% price increase in 5 years.
• Condos: +35% increase.
• Plexes: +37% increase.
• This confirms long-term appreciation potential, making real estate a solid investment.

Faster Selling Times, Especially for Plexes:

• Average selling times have decreased:
  • Single-family: 59 days (+2 days YoY)
  • Condos: 68 days (+3 days YoY)
  • Plexes: 72 days (+6 days YoY)

Sellers can expect quicker transactions with well-priced listings.

1. Active Listings Vary by Property Type:
   
   • Single-family: +4% (very limited growth)
   • Condos: +12% (best inventory for buyers)
   • Plexes: -7% (tightest market, favouring sellers)

1. Luxury Condo Market Favours Buyers:
   
   • Condos above $690K have 11.4 months of inventory, creating a buyer’s market in the high-end segment.
   • More affordable condos under $690K remain a seller’s market with low inventory.
   • 
     

Prioritize Condos for Better Availability:

• Condos have higher active listings (+12%), giving buyers more choices.
• Luxury condos above $690K are in a buyer’s market, meaning more negotiation power.

Act Fast on Single-Family & Plexes:

• Both have low inventory and rising prices, making them highly competitive.
• If targeting a plex for investment, be ready to make strong offers, as listings are shrinking (-7%).

Consider Long-Term Growth Potential:

• All property types have appreciated 35-45% over five years, ensuring strong ROI for investors.

Take Advantage of High Demand:

• Sales up 44% across all property types means sellers are in control.
• Prices are climbing, even if selling times are not meaningfully longer (other than plex at 6 additional days) , allowing for slightly longer delay in completing transactions.

Plexes Are in Highest Demand:

• With listings down 7% but sales up 44%, plexes are the most undersupplied segment.
• Investors looking for rental properties are likely to pay a premium.

Price Competitively to Sell Faster:

Homes are selling in 59-72 days, so correctly priced properties will move quickly.

If selling a luxury condo, be prepared to offer incentives, as this segment has higher inventory.

• For Buyers: Condos offer the best entry point, but act quickly on single-family homes and plexes due to tight supply.
• For Sellers: It’s an ideal time to sell, especially plexes and single-family homes, as demand significantly outpaces supply.
• For Investors: Strong price appreciation (+35-45% over 5 years) confirms real estate is a profitable long-term investment.

• Single-family home sales were at 35 units in the 4th quarter of 2024, showing no change to same quarter of last year.
• Condominium sales saw a sharp rise of 43%, with 110 units sold during the quarter.
• Overall residential volume in CDN/CSL are up by 40%, reflecting strong market activity.

• The median price for single-family homes were at $888,000 in Q4 2024, showing no change compared to last year.
• For condominiums, the median price rose 6% to $496,000 compared to same period of last year.

• Single-family inventory showed no change compared to same quarter of last year.
• Condominium listings increased by 8%, providing more options for buyers while maintaining a competitive market.
• Average selling times were 77 days for single-family homes, no change compared to Q4-2023, and 69 days for condominiums, with 25 fewer days to sell!!! This is a significant drop in "days on market" increasing transaction speed.

• Over the past 12 months, single-family home median prices rose by 1%, while condominium median prices dropped by 1%.
• Over the past five years, single-family home median prices appreciated by 33%, and condominiums median prices also by 33%, plex median prices by 43%, highlighting robust long-term growth.

• Single-family home sales grew by 11% in Q3 2024, with 4,886 transactions recorded.
• Condominium sales increased by 16%, with 3,768 units sold.
• Overall residential sales volume in GMA rose by 17%.

• The median price for single-family homes increased by 6% to $590,000, demonstrating price growth.
• Condominium median prices rose by 4% to $410,000, showing appreciation in value.

• Single-family home inventory increased by 15%.
• Condominium inventory grew by 20%, leading to heightened competition among sellers.
• Average selling times were 56 days for single-family homes and 61 days for condominiums, indicating faster transaction speeds compared to CDN/CSL.

• Over the last 12 months, single-family home prices grew by 6%, and condominium prices by 3%.
• Over the past five years, single-family homes appreciated by 63%, while condominiums saw a price increase of 52%, showcasing strong long-term market performance.

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