Montreal home sales jump 47% in November while prices rose across all property types

Along with the surge in activity, Montreal also saw average single-family home prices rise by 11% compared to last year.

The Quebec Professional Association of Real Estate Brokers (QPAREB) reported that 3,897 homes were sold last month, making it the second-most active November since 2000.

This marks a strong recovery after three years of declining November sales, surpassing the historical average by 19%.

This increase in sales can be seen across all property types, with plexes seeing the biggest jump at 61%, followed by a 49% rise in single-family home sales and a 41% increase in condos. The rise in listings was modest, with 4,909 new homes added to the market, up 5.8% from a year earlier.

Montreal real estate stats November 2024

Prices up across all property types, with single-family homes leading the way

In terms of pricing, single-family homes saw the largest price increase, with the median price rising 11% to $600,000 compared to last year. Condominiums followed with an 8% increase, bringing the median price to $425,000, while plexes saw a smaller 5% price increase, reaching $770,000.

The average selling time for all property types remained relatively stable, with single-family homes taking 52 days to sell, up slightly from last year, and condos taking 60 days, a slight increase from 59 days in 2023.

“The cumulative effects of the rapid decline in interest rates since last June, in addition to the new government measures to facilitate homeownership, have created an environment that has, over the months, allowed the significant pent-up demand to express itself with greater intensity,” said Chantal Routhier, QPAREB’s Assistant Director of Data Analysis.

“The reduced monetary burden of financing the purchase of a property has significantly strengthened transactional activity, which has practically shattered the record set 15 years earlier,” she added.

However, she also points out that the sharp rise in prices is creating affordability challenges for many buyers. The market’s limited supply also means buyers have fewer options to choose from.

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Chantal Routhier Montreal montreal home sales montreal house prices montreal housing market QPAREB Quebec Quebec Professional Association of Real Estate Brokers Regional

Last modified: December 5, 2024

Steve Huebl

Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal home.