Metro Montreal area's real estate market jumped almost 40% last month

Nov 3 2020, 12:27 pm

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 October, and it consists of “significant sales increases.”

“With a historic 37 percent 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,” noted 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 Vaudreuil-Soulanges (up 64%), Laval (up 37%), the North Shore (up 52%), Saint-Jean-sur-Richelieu (up 33%), and the South Shore (up 31%).

Overall, sales increased by 29% on the island of Montreal.

Split up by property category, plexes (two to five dwellings) and condos registered the month’s largest sales increase at 37%, followed by single-family homes at 36%.

Active listings increased 12% for condominiums and 3% for plexes, which had not been seen during October since 2014, as per the QPAREB.

Median prices continued to rise “significantly” as single-family homes increased 21% while condos and plexes increased by 16% and 12%, respectively.

Centris’ virtual open house platform and private interactive showings boosted up by 71% compared to last October, obviously aided by COVID-19’s visiting restrictions.

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