Even though the lockdown due to the resurgence of COVID cases in Quebec continues into late October 2020, the real estate market is still extremely active and sales are still breaking records in the greater Montreal area, which could be due to the outbidding that some highly desirable properties are creating among buyers.
In Quebec, 32,200 property sales were recorded from July to September 2020, an exceptional jump of 49% compared to the same period in 2019. This is an absolute record of activity since the Centris system began compiling market data in 2000. As for new property listings, there were 37,566, up 16% on 2019.
What’s more, prices have been rising steadily for several years. For the province as a whole, the median price of single-family homes has risen by 21% to $310,000. Quite a feat!
“COVID hasn’t slowed down the Montreal real estate market at all, even though in our niche we continue to implement social distancing, virtual visits and remote contract signing,” says Katia Samson.
Real estate tends to be the last sector to be affected when the economy slows down, and since interest rates remain very low, it’s a factor that stimulates buyers to bid on larger properties to set up a real home office, with the reality of telecommuting taking hold.
If you’re still wondering whether now is the right time to buy or sell a property, don’t hesitate as 2020 draws to a close! “The market is extremely attractive for putting a property up for sale, as the statistics clearly show that buyers are very active again this autumn.”
At Groupe Immobilier Katia Samson, we’re passionate about delivering concrete results, while offering our customers peace of mind thanks to over 25 years of expertise in the Montreal housing market.