Home price growth in the Greater Montreal Area continues to accelerate, with supply falling for the 50th straight month in November, according to the Quebec Professional Association of Real Estate Brokers.
Last month, the median price of single-detached housing in the region was at $350,000, going up by 6% year-over-year. Condos stood at $290,000 with a 9% annual increase, while plexes were at an average of $579,500 with 11% annual growth.
“It’s striking to note the sharp increase in prices resulting from the overheating market, particularly the 18% 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,” QPAREB president and chief executive Julie Saucier said.
Meanwhile, the number of for-sale homes in the Montreal CMA’s Centris system was 22% lower compared to the same month last year, amounting to 16,310 active listings. QPAREB noted that the last time that the market saw a drop of this magnitude was also back in November 2002.
A total of 4,084 homes were sold last month, representing a 13% annual increase. Several major areas of the CMA saw notable acceleration in sales activity, particularly Vaudreuil-Soulanges (48% increase), Saint-Jean-sur-Richelieu (41% increase), Laval (21% increase), and the South Shore (16% increase).
Condos saw the largest increase in demand, continuing the trend of multi-family housing’s dominance in the Montreal market. Sales in this asset class went up by 21% annually, for a total of 1,510 condo transactions.
Single-family homes saw an 11% increase in sales (2,115 transactions in total), while plexes went up by 4% (451 transactions).