Montreal Home Prices Rose 21% In November As New Listings Declined

Home sales and new listings declined in Montreal during November as prices rose by more than 20% compared with a year earlier, according to the Quebec Professional Association of Real Estate Brokers.

The association said sales for the month totalled 4,402, a 17% drop from 5,296 recorded in November 2020. New listings totaled to 5,056, down 14% from 5,848 a year ago.

The median price of a single-family home soared by 21% compared with a year ago to reach $525,000, while the price of condos went up by 18% to $374,000 and multiplexes with two to five units saw a 15% increase to $725,000.

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

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The association also said that a lack of supply and persistently high demand in November put pressure on prices and encouraged potential sellers to get into the market.