Montreal residential real estate market sees second busiest December on record

Click to play video: 'How inflation could impact the housing market in 2022'
How inflation could impact the housing market in 2022
WATCH: In this month's Real Estate YXE, realtor Jeff Thiessen with Century 21 Fusion tells Global News Morning they're keeping an eye on rising inflation as we look ahead to 2022 – Dec 15, 2021

Montreal’s residential real estate market saw its second most active December on record in 2021.

The Quebec Professional Association of Real Estate Brokers (QPAREB) says according to its Centris provincial database, 3,675 homes were sold in the Montreal metropolitan area in December.

That’s a 19 per cent drop from the same period in 2020, which was an all-time record year. But December 2021 was still strong in historical terms, ranking second overall for sales for that month despite the lowest number of listings ever recorded in the area.

The median selling price for a single family home in Montreal in December was $525,000, up 22 per cent from the same period in 2020.

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A typical condominium sold for a median $379,950, up 17 per cent from December 2020.

“Buyers are trying to take advantage of very low mortgage rates before the announced increases take effect in 2022,” said Charles Brant, director of market analysis for QPAREB, in a news release. “Consequently, the ongoing marked market imbalance in favour of sellers continues to result in a sharp rise in prices on the outskirts of the Island of Montreal.”

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