Montreal home sales climb six per cent in November as housing supply tightens

The real estate market in Montreal and the surrounding area continues to show strength, as the number of homes sold climbed six per cent in November compared with a year ago, amid declining supply.

Tight supply means lower sales and higher prices in Montreal, according to new GMREB data. Photo by Nicolae Rosu via Unsplash.
Amidst tightening supply, higher sales and higher prices are recorded in Montreal real estate, according to new GMREB data. Photo by Nicolae Rosu via Unsplash.

The Greater Montreal Real Estate Board says there were 3,630 residential sales last month, setting a new sales record for the month of November.

It also marked the 45th consecutive monthly sales increase, according to the board.

The records come as the number of new listings fell six per cent compared with a year ago, while the number of active listings were down 18 per cent to 21,089.

Amid the different property types, condo sales were up 10 per cent year-over-year at 1,256 units, while single family home sales climbed three per cent to 1,930. Sales of plexes, which include two to five units, totalled 436, up six per cent from a year ago.

The median condominium price increased by five per cent from a year ago at $264,900, while the median price of a single-family home also jumped five per cent to $334,000. The median plex price was up two per cent at $520,000.

“Homes are selling faster and faster in the Montreal area, as the average selling time, for all property categories combined, was 80 days in November, which is seven days less than one year ago,” said Nathalie Begin, president of the GMREB board of directors, in a release.

“Single-family homes and plexes sold the fastest — in an average of 72 days — while it took an average of 94 days for a condominium to sell.”

The GMREB represents more than 9,500 members across Montreal and the surrounding area.

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