Metro Montreal real estate market jumped nearly 35% last month

Jan 5 2021, 10:26 am

Despite the second wave of COVID-19, Montreal’s real estate market is showing no signs of slowing down.

The Quebec Professional Association of Real Estate Brokers (QPAREB) released its residential real estate market stats for the Montreal Census Metropolitan Area (CMA) for the month of December, and it consists of “significant sales increases (+8 percent) in year-to-date sales” compared to the same period in 2019.

“All areas of the Montreal CMA registered a new sales record for a month of December,” says the report. “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.

The report, which is based on the real estate brokers’ Centris provincial database, highlighted sales increases in many Montreal fringe markets, including Saint-Jean-sur-Richelieu (up 51%), the North Shore (up 49%), Laval (up 33%), the South Shore (up 31%) and Vaudreuil-Soulanges (up 25%).

Overall, sales increased by 32% on the island of Montreal.

The sharp increase in active listings for condominiums (up 18%) and plexes (up 15%) are numbers that have not been seen for a month of December since 2012 and 2011, respectively. In contrast, active listings of single-family homes fell sharply at 44%.

QPAREB

According to the QPAREB, market conditions are still “very much to the advantage” of sellers and median prices continued to increase “significantly” for single-family homes (up 21%) and remained at high levels for condominiums (+14%) and plexes (+10%).

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