Many sales in November have been completed following an overbidding process, says real estate association
Demand continues to be strong in the Montreal census metropolitan area despite a lack of choice and a trend towards higher prices, according to the Quebec Professional Association of Real Estate Brokers.
A total of 4,402 home sales transactions took place in the region in November. While this was 17% slower on an annual basis, year-to-date activity is now at 50,826 sales.
“The market context remains tense in the CMA, with a very high number of sales concluded following an overbidding process,” the QPAREB said.
Active listings in Montreal stood at 10,693 units in November, down by around 20% annually.
Read more: Montreal housing market – is it in crisis?
“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,” said Charles Brant, director of market analysis at the QPAREB. “The announcement of an earlier-than-expected rise in interest rates no doubt motivated potential sellers to advance their project in order to benefit from the sustained activity and the opportunity to sell at the best price.”
Montreal’s home sales prices saw across-the-board increases last month, the QPAREB said. The median price of a single-family home in the region grew by 21% annually to $525,000, while condos saw their value rise by 18% during the same period to $374,000. The median price of plexes went up by 15% year over year to reach $725,000.
