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Montreal’s home resale market shows no signs of slowing down, despite the pandemic

Montreal’s home resale market shows no signs of slowing down, despite the pandemic
/ bluestocking / E+ / Getty Images

It seems that despite a surge of COVID-19 cases in Montreal, the second wave of the pandemic did not affect the real estate resale activity in the Montreal area.

On Tuesday, the Quebec Professional Association of Real Estate Brokers (QPAREB) reported a strong increase in sales and a substantial drop in active listings in sectors around the Island of Montreal.

According to the report, the number of sales rose dramatically in October compared to October 2019.

"With a historic 37% jump in sales in October, the Montreal CMA maintained a strong increase in sales and a substantial decrease in active listings in the outlying areas of the Island of Montreal," said Charles Brant, director of market analysis at the QPAREB, in a statement.

Here’s a breakdown of the October highlights via their website:

  • Significant sales increases in many periphery markets, including Vaudreuil-Soulanges (+63 per cent), the North Shore (+52 per cent) and Laval (+38 per cent), and equally remarkable for Saint-Jean-sur-Richelieu (+33 per cent), the South Shore (+31 per cent) and the Island of Montreal (+29 per cent).
  • By property category, plexes (2 to 5 dwellings) and condominiums registered the largest sales increases (+37 per cent), followed very closely by single-family homes (+36 per cent).
  • Active listings increased for condominiums (+12 per cent) and plexes (+3 per cent), which has not been seen since 2014 for a month of October, in contrast to single-family homes, which continued to decline sharply (-35 per cent).
  • Median prices continued to rise significantly: single-family homes (+21 per cent), condominiums (+16 per cent) and plexes (+12 per cent).
  • Record number of visits to the centris.ca website, up 71 per cent compared to October of last year. This technology platform allows virtual open houses and private interactive showings, an advantage for real estate brokerage professionals and their clients.

It’s not just Montreal either— as RBC senior economist Robert Hogue reported; “ Canada’s largest housing markets remained piping hot last month — at, or near record highs — with suburbs getting much of the action and downtown areas seeing a lot of condos put up for sale.”

Ottawa and Montreal stood out in October with sales up 34% and 37% respectively, beating big city rivals like Toronto, where sales were up 25%, and Vancouver, up 29%.

For more on this report, we recommend visiting the QPAREB website.

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