Montreal-area real estate market appears unfazed by second wave of COVID-19

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Montreal-area real estate transactions jumped a “historic” 37 per cent in October, showing that the second wave of COVID-19 in Quebec has apparently had no effect on the region’s housing market, the Quebec Professional Association of Real Estate Brokers (QPAREB) announced Tuesday.

The association logged significant sales increases compared with October 2019 in many periphery markets in the Montreal metropolitan area. An increase of 63 per cent was recorded in Vaudreuil-Soulanges, while Montreal’s North Shore increased by 52 per cent and sales in Laval jumped by 38 per cent.

Sales of plexes — buildings housing two to five dwellings — and condominiums increased by 37 per cent in October, closely followed by single-family dwellings at 36 per cent.

Active listings for condominiums increased by 12 per cent, while those for plexes spiked by three per cent — increases for the month of October that have not been seen since 2014. Meanwhile, the number of active listings for single-family homes dropped by 35 per cent in October.

Significant increases in median prices for properties continued in October, with that for single-family homes increasing by 21 per cent, condos by 16 per cent and plexes by 12 per cent.

Finally, traffic on the property-listing website, which allows virtual open houses and private interactive showings, increased in October by a staggering 71 per cent.

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