Montreal real estate prices soar 21% amid lower listings in November

The Quebec Professional Association of Real Estate Brokers says November home sales and new listings fell in Montreal as prices soared by more than 20% compared with a year ago.

The association said sales for the month totalled 4,402, a 17%  drop from 5,296 in November 2020.

New listings amounted to 5,056, down 14% from 5,848 last November.

The median price of a single-family home soared by 21% compared with a year ago to reach $525,000, while condos went up by 18% to hit $374,000 and plexes with two to five units had a 15% spike pushing them to $725,000.

Apart from condominiums, which saw a slight decline, the association saidthe median prices were also up from October 2021.

Charles Brant, the association’s director of market analysis, saidhe noticed a lack of supply and persistently high demand last month that placed pressure on prices and encouraged potential sellers to get into the market.

“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,” he said in a statement.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.