MONTREAL– Montreal- location home sales increased 47 percent in November compared to a year ago as the district’s property board states the area saw the second-most task for the month given that 2000.
The Quebec Professional Association of Real Estate Brokers states 3,897 homes altered hands in the area last month, up from 2,651 in November 2023. The gain notes a turnaround from 3 successive years of sales decreases in November and goes beyond the historic standard for the month by 19 percent.
Meanwhile, the average rate for all real estate kinds was up year-over-year, led by an 11.2 percent boost in the rate of a single-family home to $600,000, adhered to by a 7.6 percent increase for condos to $425,000 and a 5.3 percent gain for plexes to $770,000.
Chantal Routhier, the board’s assistant supervisor of information evaluation and administration, states the sales boost can be credited to the fast decrease in rates of interest given that last June, in addition to brand-new federal government procedures to promote own a home.
But she keeps in mind that brand-new record-high rates “present significant affordability challenges for many households, while the limited supply on the market further restricts the choices that meet their needs.”
There were 4,909 new listings in the Montreal area last month, up 5.8 per cent from a year earlier.
This report by The Canadian Press was first published Dec. 5, 2024.
The Canadian Press
