Westmount, Quebec, March 6th 2021
Every month, the Quebec Professional Association of Real Estate Brokers (QPAREB) releases a residential real estate market report featuring the most recent statistics for the Montreal Census Metropolitain Area (CMA).
While this week, the February 2021 report was released, statistics promise that the impressive growth in Montreal's real estate market is far from slowing down.
Since the inventory of available properties isn't enough to meet the growing demand, we are seeing for the first time since 2015 a drop in the number of sales. This decrease, of 3% to be precise, is mainly caused by the significant decrease in the number of properties for sale sa well as the increase in the median price of single-family homes.
In fact, over the past 12 months, the median price of single-family properties has jumped 28%, an increase of 100 000$. This significant increase in particular, caused a reorientation of certain buyers towards the condominiums and income properties markets.
While the impact of the pandemic on the real estate market can still be felt, these signs indicate that the current trend will continue in the coming months, even the next year.
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