MONTREAL: Home sales in the Montreal Metropolitan Area fell by 8.5% in November compared to the previous year, according to a report from the Quebec Professional Association of Real Estate Brokers (QPAREB). While 3,870 properties were sold in November 2024, only 3,542 transactions were recorded last month, the Association reported.
The housing supply showed mixed signals. The number of new listings saw a marginal year-over-year decrease of 0.5%, settling at 4,798 in November. However, active listings saw a notable increase, climbing 7.4% to reach 18,205. The Association noted that this marks the fourth consecutive month of increased supply, driven exclusively by the rise in available condominiums.
Despite the cooling sales volume, median prices were up across most property types. The median price for single-family homes saw a 5.8% year-over-year increase, reaching $635,000. The median price for a plex (a multi-unit dwelling) experienced an even sharper rise, increasing by 11% to $855,000. Condominium prices, meanwhile, remained flat at a median price of $425,000.
Camille Laberge, the board’s assistant director and senior economist, highlighted that despite the monthly drop in sales, overall year-to-date sales are up by approximately nine per cent. She attributed this broader positive trend to declining interest rates and the effects of rapid population growth witnessed in previous years.
