Defying predictions of a pandemic-driven price dip, Montreal housing prices have proven resilient, posting steady increases in 2020, impelled by a widespread desire for more living space.
In its latest data release, the Quebec Professional Association of Real Estate Brokers (QPAREB) reported that median prices continued to increase significantly for single-family homes (up 21% annually to around $430,000), and remained at high levels for condominiums (up 14% to $325,000) and multi-unit plexes (up 10% to $640,000).
December saw a total of 4,613 sales, representing a 32% annual increase. Year-to-date sales also grew by 8% to 55,609 transactions, with periphery markets like Saint-Jean-sur-Richelieu (where sales rose 51%), the North Shore (49%), Laval (33%), and the South Shore (31%) registering the strongest gains.
“All areas of the Montreal CMA registered a new sales record for the month of December,” said Charles Brant, director of market analysis at the QPAREB. “However, we continue to see an increase in condominium listings that far exceeds the number of condo sales on the Island of Montreal.”
Active listings for condominiums surged by 18%, with and plex listings rising by 15%, “numbers that have not been seen for a month of December since 2012 and 2011, respectively,” QPAREB said.
On the other end of the spectrum, active listings of single-family homes dropped by an astounding 44%. Across all residential asset classes, active listings fell by 16% year-over-year.