MONTREAL -- It remains a real estate sellers' market in Montreal though sales were down by almost 20 per cent in December from the same month in 2020.

A Quebec Professional Association of Real Estate Brokers (QPAREB) report said real estate sales dropped by 19 per cent in December, but 2021 sales ranks second for most active December sales on record with 3,675 sales.

"This downturn is consistent with a marked decrease in new listings which is always more significant in December,” said market analysis director Charles Brant.

Brant said buyers are likely trying to make a purchase before announced interest rate hikes in 2022.

The median price for a single-family home in December was $525,000, just north of the 2021 aveage of $495,000.

In 2020, December's average was $430,000 and the yearly average was $400,000.

The average price of a condo in 2021 was $360,000 (up from $305,000 in 2020) and plexes averaged a $690,000 price tag (up from $615,000 in 2020).

“Consequently, the ongoing marked market imbalance in favour of sellers continues to result in a sharp rise in prices on the outskirts of the Island of Montreal, all property categories combined," Brant said.

While sales and listings both dropped by 25 per cent, the average price of single-family homes increased 22 per cent compared to 2020 even though single-family home and income property sales dropped by 26 per cent and 18 per cent, respectively. 

Condo sales also were down by 10 per cent.

Sales decreased most sharply in Laval (27 per cent), the North Shore (26 per cent), the South Shore and Saint-Jean-sur-Richelieu (18 per cent) and the Island of Montreal (14 per cent).

"On the island, prices for single-family homes have tended to level off in the past few months, particularly in areas where median prices are reaching levels that are unaffordable for a large proportion of potential buyers, thus favouring Montreal’s peripheral areas,” said Brant.

Much like sales, listings have declined with condos dropping by 29 per cent, single-family homes by 26 per cent, and plexes by six per cent.

In 2021, total sales ($29,189,341) were up 16 per cent from 2020 ($25,117,064,753).