Montreal market achieves new November record

Overall residential property sales in Montreal went up by 6% in November to reach 3,630 transactions, a number that the Greater Montreal Real Estate Board acknowledged as a new record high for that month.

The GMREB also stated that November represented the 45th consecutive monthly increase in sales volume.

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Not only a greater number of homes are selling, but they are also getting snapped up from the market even faster, the Board added.

“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 7 days less than one year ago,” GMREB board of directors Nathalie Bégin explained.

“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.”

Read more: Montreal in no danger of overheating any time soon

And unlike in other popular markets, every asset class in Montreal enjoyed sales growth last month. Condo transactions still led the way with a 10% annual increase (1,256 sales), while plexes (436 sales) and single-family homes (1,930 sales) had respectable 6% and 3% upticks, respectively.

The market’s prices remained at reasonable levels, as well. The median price of single-family homes and condos both increased by 5% annually, settling at $334,000 and $264,900, respectively. Plexes had a modest 2% price growth, reaching $520,000.

 

Related stories:
Bad news for Montreal investors
Montreal to grow increasingly unfriendly to first-time buyers

 

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