Montreal Metro.: Source Centris (Q4-2024/4IÉ-TRIM.2024)
Montreal Metro. Region (Q4-2024)
Analysis - Ending Third Quarter 2024
Montreal Metro Regional Breakdown:
Single-Family Homes
Overall Median Price : $590,000
Condominiums
Overall Median Price: $420,000
Single-Family Homes (Regional Breakdown)
- 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
Condominiums (Regional Breakdown)
- 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
📈 Market Outlook Analysis (Q4-2024)
- 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.
Source: Quebec Professional Association of Real Estate Brokers by the Centris system
Montreal Census Metro. Area (Q4-2024)
Key Real Estate Insights from Q4 2024 Economic Indicators
1️⃣ Housing Market Trends
- 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.
2️⃣ Mortgage Rate Impact
- Rates Have Declined:
- 1-Year Term: 7.24% (-0.78 percentage points YoY)
- 5-Year Term: 6.49% (-0.55 percentage points YoY)
3️⃣ Consumer Confidence & Buying Sentiment
- 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.
4️⃣ Labour Market & Affordability Pressures
- 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.
5️⃣ Rental Market Tightening
- Vacancy Rate Remains Critically Low at 1.5%,
- Average Rent Increased by 7% ($1,096 vs. $1,022 in Q4 2023)
Overall Takeaway
- 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.
Source: Quebec Professional Association of Real Estate Brokers by the Centris system
Island of montreal: Source Centris (Q4-2024/4IÉ-TRIM)
Island of Montreal (Q4-2024)
Real Estate Analysis for the Island of Montreal:
📌 Key Takeaways from Q4 2024 Data
- 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.
- Active Listings Vary by Property Type:
- Single-family: +4% (very limited growth)
- Condos: +12% (best inventory for buyers)
- Plexes: -7% (tightest market, favouring sellers)
- 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.
📊 Buyer Strategy – How to Navigate the Market
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.
📈 Seller Strategy – Best Ways to Maximize Returns
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.
🏆 Final Verdict
- 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.
Caution
The average and median property prices indicated in this brochure are based on
transactions concluded via the Centris system during the targeted period. They do not
necessarily reflect the average or median value of all properties in a sector. Similarly,
the evolution of average prices or median prices between two periods does not
necessarily reflect the evolution of the value of all properties in a sector. As a result,
caution is required when using these statistics, particularly when the number of
transactions is low.
Source: Quebec Professional Association of Real Estate Brokers by the Centris system
https://apciq.ca/en/residential-barometer/
Côtes-des-neiges/côte-Saint-Luc: Source Centris:Q4-2024/4IE
CÔTES-DES-NEIGES/CÔTE SAINT LUC (Q4-2024)
Real Estate Analysis of CDN/CSL
Sales Trends:
- 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.
Median Prices:
- 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.
Market Activity and Inventory:
- 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.
Long-Term Trends:
- 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.
Source: Quebec Professional Association of Real Estate Brokers by the Centris system
https://apciq.ca/en/residential-barometer/
MONTREAl CENSUS METRO.: Source: Centris (Q4-2024/4IÉ-T)
FSMI - QPAREB BAROMETER - 4TH QUARTER 2024
Source: Quebec Professional Association of Real Estate Brokers by the Centris system
https://apciq.ca/en/residential-barometer/