Is the dream of owning a home out of reach?
Sorry to bum you out, but that condo you've been eyeing might be getting further and further out of reach. The Quebec Professional Association of Real Estate Brokers (QPAREB) released its November report on Montreal-area home prices and — surprise — they're still going up.
The overall median price of a single-family home in the Montreal metro area, for example, has reached $525,000. That's a 21% increase compared to November 2020, according to the QPAREB.
The report paints a portrait of a highly competitive real estate market.
"In the context of a low supply of properties on the market and persistent high demand, pressure on prices for residential real estate in the Montreal region remains strong," QPAREB Director of Market Analysis Charles Brant said in a statement.
The total number of active listings in the Montreal area in November 2021 was 10,693, 20% lower than in November 2020.
The statement also says "a very high number of sales" involved what's called overbidding — offering more than a seller's asking price. One anecdotal example of this phenomenon is Quebec influencer and entrepreneur Élisabeth Rioux's recent claim that she had to offer $200,000 over the asking price of her new home in Blainville on the North Shore.
Here's the QPAREB's breakdown by area of median November 2021 home prices in Greater Montreal:
- Single-family: $760,000
- Condo: $426,000
- Plex (two to five units): $775,000
- Single-family: $515,000
- Condo: $375,000
- Plex: $645,000
- Single-family: $455,000
- Condo: $310,000
- Plex: $630,500
- Single-family: $530,000
- Condo: $341,000
- Plex: $672,000
- Single-family: $526,000
- Condo: $332,407
- Single-family: $430,500
This article’s cover image was used for illustrative purposes only.