Montréal Area Home Sales Increase in November: Report
The QPAREB’s most recent residential real estate market statistics reveals a 13 per cent increase in Montréal area home sales in November. In total, the organization reports 4,084 residential sales were concluded in the Montréal metropolitan area.
“The Greater Montréal market continued to register record setting sales in November, while at the same time, the supply of properties for sale fell for a 50th consecutive month,” said Julie Saucier, president and chief executive officer of the QPAREB. “It’s striking to note the sharp increase in prices resulting from the overheating market, particularly the 18 per cent jump in condominium prices on the Island of Montréal compared to November of last year. We haven’t seen this large an increase since November 2002.”
Vaudreuil-Soulanges, Saint-Jean-sur-Richelieu, Laval, and the South Shore all registered increases in sales in November. Sales also held strong on the North Shore and on the Island of Montréal.
Condominium sales jumped by 21 per cent with the 1,510 condo transactions that were concluded in the Montréal CMA representing a new November sales record for this property category. Strong increases were registered in certain suburbs: +56 per cent in Laval and +35 per cent on the South Shore.
Sales of single-family homes increased by 11 per cent and remain the most popular property category with 2,115 transactions in November.
Sales of plexes (2 to 5 dwellings) rose by 4 per cent, with 451 transactions. The decline in the number of active plex listings, which mainly concerns high-quality plexes, combined with rapidly rising prices, may start to limit sales increases for this property category.
The median price of single-family homes across the Montréal CMA stood at $350,000 in November, up 6 per cent compared to one year earlier.
The median price of condos increased by 9 per cent to $290,000 while the median price of plexes jumped by 11 per cent year-over-year, reaching $579,500.
The supply of residential properties for sale fell for a 50th consecutive month as the number of active listings in the Centris system (16,310) was 22 per cent lower than it was in November of last year.
The QPAREB states that a decrease this large has not been seen since November 2002.
According to the association’s report, homes were sold in the fewest number of days since 2004 with single family homes sold on average in 58 days — down 14 days from last year — and condos sold in 70 days, down 25 days. The average selling time for plexes fell to 69 days (‑4 days).