However, affordability remains a concern
Montreal's housing market recorded its second-strongest November since 2000, with 3,897 homes sold, according to the Quebec Professional Association of Real Estate Brokers (QPAREB). This marks a 47% increase from November 2023, when 2,651 transactions were reported.
The surge follows three consecutive years of declining sales for the month and exceeds the historical November average by 19%.
Median prices for all housing categories also saw year-over-year growth, led by single-family homes, which rose 11.2% to $600,000. Condominium prices increased 7.6% to $425,000, while plexes, including two- to five-unit buildings, climbed 5.3% to $770,000.
QPAREB’s assistant director of data analysis and management, Chantal Routhier, attributed the sales jump to declining interest rates since June and recent government measures aimed at making home ownership more accessible. However, affordability challenges persist.
“New record-high prices present significant affordability challenges for many households, while the limited supply on the market further restricts the choices that meet their needs,” Routhier said.
The number of new listings in the Montreal area rose 5.8% from a year earlier, totalling 4,909 in November. Despite this, the market remains tight, leaving buyers with limited options.
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