Montreal Set New Real Estate Sales Records 'In All Areas' Last Month
According to the Quebec Professional Association of Real Estate Brokers (QPAREB)'s real estate market statistics for the Montreal Census Metropolitan Area, sales were up 32% overall last month compared to December 2019.
Average selling time for a single-family home in Montreal
“All areas of the Montreal CMA registered a new sales record for a month of December. However, we continue to see an increase in condominium listings that far exceeds the number of condo sales on the Island of Montreal,” said Charles Brant, director of market analysis at the QPAREB.
Despite condo listings exceeding sales, condominium sales still rose by 26% compared to this time last year.
The increase is even more drastic with single-family homes and plexes for which sales increased 35%.
Median prices also increased most for single-family homes — going from $355,000 in 2019 to $430,000 in 2020, up 21%.
The median price of a condo was up 14% from $285,000 to $325,000 and the median price of a plex was up 10% from $581,500 to $640,000.
The report says there have been particularly strong sales increases in "periphery markets," including Saint-Jean-sur-Richelieu, the North Shore, Laval, the South Shore and Vaudreuil-Soulanges.
"With market conditions that are still very much to the advantage of sellers, median prices continued to increase significantly for single-family homes ... and remained at high levels for condominiums [and plexes]," it says.