Montreal home sales shatter records

December 10, 2019

The surging demand for homes in Greater Montreal has seen sales spike higher than at any point in 17 years— yet  Montreal home prices continued to be lower compared to Canada’s two other largest cities.
In November, the Quebec Professional Association of Real Estate Brokers (QPAREB) recorded 4,084 residential transactions in Greater Montreal, a 13 per cent increase from November 2018 and the highest November on record.
"The Greater Montreal 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, particularly the 18 per cent jump in condominium prices on the Island of Montreal compared to November of last year. We haven't seen this large an increase since November 2002.”
Year-over-year sale increases were led by Vaudreuil-Soulanges (up 48 per cent), Saint-Jean-sur-Richelieu (up 41 per cent) and Laval (up 21 per cent).
Condominium sales also set a November record with 1,510 sales in the month, while sales of detached houses increased 11 per cent to 2,115 transactions, the QPAREB reported.
The median price of a detached house in Greater Montreal in November was $350,000, up 6 per cent compared to November 2018. This is far below prices in Greater Toronto which averages $1.04 million, or Metro Vancouver where the typical detached house sold in November for $1.41 million.
The median price of a Montreal area condominium stood at $290,000 in November—up 9 per cent from a year earlier—yet remained nearly $350,000 less than the median condo price in either Metro Vancouver or Greater Toronto.