The Montreal area housing market continued to heat up in the last month of 2019, as sales and prices marched higher.
The Quebec Professional Association of Real Estate Brokers (QPAREB) said Wednesday 3,533 homes traded hands last month, a 26-per-cent increase compared to the same month the previous year, marking the most active December on record.
Condominium sales jumped 32 per cent last month when 1,301 homes were sold, while single-family home sales climbed 22 per cent with 1,808 transactions.
Meanwhile, prices climbed across all property types in December. The median price of single-family homes rose nine per cent year-over-year to $355,000, while condominium rose five per cent to $285,000 compared to December of last year.
"Montreal's residential real estate market had an exceptional year in 2019,” QPAREB President and Chief Executive Julie Saucier said in a release.
“Momentum continued into December as sales jumped by 26 per cent, thereby suggesting there will be a dynamic start to the year 2020. The real issue is the constant and widespread drop in active listings in all sectors of the city, which further accentuates the already significant pressure on prices.”
Indeed, the number of active listings fell 24 per cent year-over-year, with the biggest drop in listings seen for condominiums (32 per cent).