Last Updated on October 24, 2023 by Ephraim Vecina
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.”
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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.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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