Montreal 2020 Real Estate Market Statistics Report – Double digit growth
Montreal experienced significant growth in 2020, displaying double digit percentage growth for median housing prices. Single-family homes experienced a whopping 18% increase and Condominiums were hit by a 14% increase. These price increases were among the highest in the country.
More evidence showing the heat in the Montreal market is the fact that the Value of Total sales for the year is up 31%, a huge increase over 2019. Number of sales is also up 8%. COVID-19 could arguably be a major cause of these price increases as lockdowns reduce peoples willingness to move. Montreal will be starting the year with 16% less inventory, including a drop in 44% of the single-family homes inventory. Sales / New listings also had a massive increase of just under 30%!
Average Selling Time on Market for homes also decreased. Single family homes are selling on average 13 days earlier, from 65 days to 52. Condominiums showed almost a 40% decrease in selling time with a 28 drop from 78 days to 50 days on the market.
CMHC has not released a 2020 update on rental market statistics yet, however the continuing trend from 2019 can be expected with vacancy rates continuing to stay very low (~1.5%) and prices continuing to slowly increase (Average of $796 in 2018, $841 in 2019).