Market Update November 2016 Sizzling Hot Sales & Increased Prices!

The latest residential market report is here and it’s a great one! The Greater Montréal Real Estate Board is announcing : “The 20th increase in sales in the past 21 months and the best sales result for a month of November since 2011”

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Fewer active listings, more sales.

The amount of new and active listings in November this year was considerably lower than those of November 2015, a difference of -13%. However, the total sales amount was higher by 9%.

Prices are up. Mostly.

Single family home’s median price increased by 6%.
Condominiums price increased by 4%.
Plexes went up by a tiny 1%.

Meanwhile in the Island of Montreal…

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Sales in Montreal

Condo sales were in the lead with an 18% increase compared to November 2015, followed by plexes with 17% and single-family homes 6%.

Prices in the Island

Noticed the 15% increase in single-family home prices. The November 2015’s median price was $396,000 compared this year’s $455,000.
Condos had a small increase of 3%, while plexes lowered by -1%.

Source: The Montreal Real Estate Board