Source: https://montrealgazette.com/ | Montreal real estate remained a sellers' market in 2020, despite pandemic |Frédéric Tomesco Jan 15, 2021

Nice try, COVID-19.

Firstly, even the pandemic wasn’t enough to derail Montreal’s real estate momentum in 2020 as residential sales and prices continued to climb amid ever-shrinking supply.

Secondly, home sales in the Montreal census metropolitan area advanced about eight per cent last year to a record 55,609 transactions, the Quebec Professional Association of Real Estate Brokers (QPAREB) said Friday in a statement. Peripheral markets fuelled the gains, with sales on the North Shore jumping 20 per cent while Vaudreuil-Soulanges posted a 13 per cent increase.

Activity was more muted on the island of Montreal, with transactions up a mere one per cent.

Listings dropped for a fifth straight year. Some 13,590 Montreal-area homes were listed for sale in 2020 — 26 per cent fewer than a year earlier. As a result, the average selling time in the census metropolitan area dropped to 52 days — the shortest period on record. In 2019, 71 days on average were required to sell a residential property.

This was the sixth consecutive year in which Montreal home transactions advanced more than five per cent, QPAREB said. Sales of properties topping $1 million soared 62 per cent, the association added.

Prices rose across the board. Single-family homes led the way with an 18 per cent jump in the median price, to $400,000. That’s the biggest annual increase since the Centris database of real estate transactions began tracking in 2000.

“Market conditions gave sellers a very clear advantage over buyers, and this applied to all three property categories,” QPAREB said.

The same can be said for all of Quebec, which saw residential transactions rise 17 per cent in 2020 to a new record as market conditions tightened in most areas.

Some 112,476 transactions closed across the province last year — the highest number of sales registered in the history of Centris. Selling times shortened to an average of 86 days, 11 fewer than in 2019, QPAREB said.

 

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