Residential property prices in Montreal increase by 21 per cent in November

For sale signs in front of a Montreal, Quebec, condominium on September 27, 2011. (THE CANADIAN PRESS / Ryan Remiorz)

Residential property sales and new listings in the Greater Montreal area decreased last month, while prices increased by more than 20 per cent compared to last year, the Association professionnelle des courtiers immobiliers du Québec (APCIQ) reported Tuesday.

Sales for the month of November totaled 4,402, which was a 17 per cent decrease from the 5,296 transactions in November 2020, the association said.

New listings for sale totaled 5,056 in November, down 14 per cent from 5,848 in the same month last year.

The median price of a single-family home climbed 21 per cent from a year ago to $525,000, while the median price of condominiums rose by 18 per cent to $374,000. The median price for two- to five-unit buildings increased by 15 per cent to $725,000.

Median prices also increased from October 2021, with the exception of condominiums, which decreased slightly.

According to Charles Brant, director of the APCIQ's market analysis department, the low supply of properties and particularly strong demand last month put upward pressure on prices and convinced some potential sellers to enter the market.

- This report by The Canadian Press was first published in French on Dec. 7, 2021.