Real Estate Prices Soar as Inventory Decreases in Montreal's Housing Market04 Mar 2021
Quebec's Housing market has seen a 6% increase compared to February of last year, while the number of active listings continued to plummet, falling by 45%. New listings also decreased in February, falling by 9% compared to February of last year.
Sales of plexes (2 to 5 dwellings) jumped by 45% compared to February of last year, while Sales of condos rose by 16%. Sales of single-family homes fell slightly by 1 per cent.
Sales prices of single-family homes saw the largest increase at 23 per cent. This was followed closely by condominiums, with a 20 per cent increase in median price. In contrast, the median price of plexes fell by 6%.
Is now the right time to sell your home?
With interest rates at historic lows and prices climbing higher, is this the right time to sell your home? With home prices surging, homeowners wonder if this is the right time to make a move. We believe it is. This is based both on historically low interest rates and increasing year over year home sale prices around Montreal.