MONTREAL -- Housing prices in the Greater Montreal area continue to soar, while the number of residential properties for sale is sinking fast.
The Association professionnelle des courtiers immobiliers du Québec (APCIQ) on Friday reported that 4,084 residential sales were completed in November, up 13 per cent compared to November 2018.
Co-property sales were up 21 per cent year over year, single-family home sales were up 11 per cent, and sales of residences with two to five units were up four per cent.
Single family homes accounted for 2,115 of the residential real-estate transactions in November.
Four out of the six major geographical sectors of the Montreal area saw significant residential sales increases in November:
- Vaudreuil-Soulanges (up 48 per cent)
- Saint-Jean-sur-Richelieu (up 41 per cent)
- Laval (up 21 per cent)
- South Shore (up 16 per cent).
- North Shore (up nine per cent)
- Montreal Island (up seven per cent)
The median price for single-family homes sold in the Greater Montreal Area in November was $350,000, six per cent higher than a year ago, a slightly lower increase than those registered in September and October of this year.
The median price for co-properties hit $290,000 in November, up nine per cent year over year, while the median price for plexes was up 11 per cent to $579,500.
APCIQ, which represents some 12,700 real-estate agents and brokers, also noted Friday that the supply of residential properties in November dropped for the 50th month in a row. The number of homes listed on the centralized Centris real-estate listings system last month was 16,310, down 22 per cent year over year, the biggest monthly year-over-year drop since 2002.
The amount of time homes remain on the market is also shrinking considerably in all sectors, APCIQ reports, making the market favourable for sellers of all residential types.
This report by the Canadian Press was first published Dec. 6, 2019.
