I just spent a few hours looking at the stats for the first half of 2021 compared to the first half of 2020 for the Montreal West Island real estate market, focusing on single-family homes.
We’ve all known for some time now how real estate supply and demand has been WAY off, with way more demand than supply all over Montreal and the West Island… and indeed much of Canada. For the West Island, last year, from January to June, there were on average 624 active listings each month. This year? It’s down to 318. Yes, that’s right, in the first 6 months of this year, we’ve had about half the number of active listings in the West Island.
And yet sales of single-family homes are up 23% from January to June of this year compared to the same period last year. In the first half of this year, 1,305 homes traded hands here in the West Island. (Since all of these statistics come from Centris.ca, this does not include homes that sold privately.)
And the median sold price for a single-family home in the West Island this year? Just north of $680,000. That’s a whopping 31% higher than last year at this time when the median sold price was just over $520,000.
With such an imbalance in supply and demand, everything is selling very quickly of course. On average, in the first 6 months of this year, homes were taking about 6 weeks to sell. Last year it was just over 8 weeks.
The infographics below will give you a snapshot of each municipality and borough in the West Island. Overall though:
Most expensive home sales? Senneville, with a median sold price of $1,370,000 in the first half of 2021. (This is based on only a few sales, however, though the result is not surprising given Senneville’s stunning waterfront estates.)
Next highest? Beaconsfield, at $928,000, and Baie d’Urfé at $907,500.
Most affordable? Pierrefonds, with a median selling price of $562,500.
Next most affordable? Ile-Bizard/Ste-Geneviève, at $580,000.
Biggest jump in median sold price? Senneville (108% increase) and Ste-Anne-de-Bellevue (46% increase). These are based on very low overall numbers, however, and should therefore be taken with a grain of salt.
Next biggest jump in price? Kirkland, up 39% from last year.
Most active market? Pierrefonds, with 250 sales in the first half of 2021.
Biggest increase in number of sales? Senneville, up 67%, and Kirkland, up 50%.
Biggest dip in active listings? Ste-Anne-de-Bellevue, where they averaged only 6 active listings per month this year, compared to 17 per month in the first half of 2020.
Next biggest drop in active listings? Dorval, averaging 15 per month in the first half of this year, compared to 41 per month in the first half of 2020.
Quickest real estate market? We have a tie, with homes in both Dollard-des-Ormeaux and Pierrefonds selling in 28 days on average.
The only municipality not mentioned above is Pointe-Claire. Though its results were not notable in any single category, the Pointe-Claire real estate market came out very strong in every single category.
Have questions about any of this? Or maybe your area isn’t covered here. If so, please let me know! As a former researcher, I can happily dive deep into stats, and I actually enjoy writing about them.