Montreal’s surging real estate market appears pandemic-proof, according to the Quebec Professional Association of Real Estate Brokers (QPAREB). The QPAREB released a report on Montreal’s real estate market on Tuesday, and both prices and the number of sales rose dramatically in October compared to the same month last year.
"With a historic 37% jump in sales in October, the Montreal CMA maintained a strong increase in sales and a substantial decrease in active listings in the outlying areas of the Island of Montreal," said Charles Brant, director of market analysis at the QPAREB, in a statement.
Median Price Of A Single-Family Home In Montreal
The median selling price of a single-family home in the Montreal region in October 2020 was $430,050, or $75,050 higher than in October 2019.
The price of a condominium was $323,500, an increase of 16%, while the cost of a multi-family property rose 12% to $629,000.
In total, the number of home sales recorded by the QPAREB was 5,723 in October, an increase of 37 percent compared to the same month in 2019.
The report also claimed "significant sales increases" in off-island communities, "including Vaudreuil-Soulanges (+63 per cent), the North Shore (+52 per cent) and Laval (+38 per cent)."
The report, which cited statistics from the Centris provincial database, said sales were up 29% on the Island of Montreal.
While the overall number of listings was down compared to last year, especially for single-family homes, active listings for condominiums were up 12% and plexes up 3%, which the report said "has not been seen since 2014 for a month of October," reads the report.