November Real Estate Market Highlights

November Real Estate Market Highlights

Feature photo©Bonnie Meisels

November Real Estate Market Highlights

November real estate market highlights confirm for the Island of Montreal:

Single-family homes outshone other types of properties in October, posting an eight-per-cent median price increase to $355,000, the data show. Plexes — defined as properties with two to five dwellings —– saw their median price climb seven per cent to $560,000, while condominium prices advanced six per cent to $280,000.

Home prices rose the fastest in Côte des Neiges/Côte St-Luc, according to the association. The median home in the area sold for $776,168 in the period, a 22-per-cent jump from last year’s third quarter.

Sud-Ouest, which includes Verdun, ranked second on the island of Montreal with a 20-per-cent increase, followed by Lachine/LaSalle at 14 per cent. Single-family homes in Sud-Ouest sold for $658,000, while the median price in Lachine/LaSalle was $500,000.

For condominiums, Villeray registered the steepest quarterly increase in median prices with a 27-per-cent jump, to $334,000.

The overall themes across all property categories are higher prices and much less inventory, and shorter selling times.

Some of the economic highlights:

  • According to the Canadian Real Estate Association (CREA), residential sales in Canada increased by 15.5 per cent in September 2019 compared to September of last year.
  • According to preliminary data from the Canada Mortgage and Housing Corporation (CMHC), there were 4,001 housing starts in Quebec centres with 10,000 or more inhabitants in September 2019, a 4 per cent decrease compared to September of last year. The cumulative result for 2019 (the first nine months of the year) is 32,004 housing starts, a 13.5 per cent increase compared to the cumulative result for 2018.
  • According to Statistics Canada’s Labour Force Survey, 4,379,600 jobs (seasonally adjusted) were held in Quebec in September, which represents 13,600 more jobs than the previous month. Compared to September of last year, this number represents an increase of 134,600 jobs. The unemployment rate in Quebec was unchanged at 4.7 per cent, a historically low level.
  • The Bank of Canada announced on October 30 that it was maintaining its target for the overnight rate at 1.75 per cent.

Montreal house prices keep going up

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Montreal real estate market fever still burning strong in November

Bonnie Meisels
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