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Condo sales surge pushes Montreal area real estate to best November in eight years

In this file photo, a real estate sign stands in front of a condo in Montreal. The number of condo sales across the region surged 23 per cent from last year to 1,137 in November. Thursday, Dec. 7, 2017.
In this file photo, a real estate sign stands in front of a condo in Montreal. The number of condo sales across the region surged 23 per cent from last year to 1,137 in November. Thursday, Dec. 7, 2017. Ryan Remiorz/The Canadian Press

The Greater Montreal Real Estate Board says the region set a November record for condominium sales, which helped fueled a 12 per cent increase in overall residential transactions compared with the same month last year.

The number of condo sales across the region surged 23 per cent from last year to 1,137 in the month as the suburbs north and south of the Island of Montreal rose by 53 per cent and 33 per cent respectively.

Real estate board president Mathieu Cousineau says the oversupply of condos two years ago has now been completely absorbed and there is a seller’s market in some Montreal neighbourhoods.

Sales of single family homes in November were 1,807 (eight per cent higher than last year) while plexes with two to five units were up five per cent to 402.

WATCH BELOW: There’s something going on in Montreal’s real estate market. Broker Nick Markou joins Global’s Laura Casella to explain what it is and how it could affect the industry

Click to play video: 'Montreal real estate heats up' Montreal real estate heats up
Montreal real estate heats up – Nov 2, 2017

With 3,348 residential sales concluded in the month, it was the most active November in eight years.

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Paul Cardinal of the Quebec Federation of Real Estate Boards has attributed monthly housing gains this year to strong job creation, consumer confidence, low unemployment and foreign migration.

READ MORE: With prices at home surging, Canadians have been snapping up U.S. real estate en masse

With consumer confidence reaching a 10-year high, he has said people are viewing it as a good time to make a major purchase like a house.

November’s growth was led by communities on the south shore of Montreal, which was up 19 per cent, and 13 per cent more sales on the Island of Montreal.

The average sales price in Greater Montreal increased six per cent to $387,254 in November.

On the Island of Montreal, the average sales price was $496,103, up five per cent from $471,380 a year ago.

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