Even if shutdowns are ongoing in Quebec at the end of October 2020 because of an increase in COVID cases, the real estate market is still extremely active and sales continue to break records in the Greater Montreal area; this could also be due to overbidding from some buyers for some very desirable properties. 

In Quebec, 32,200 property sales were recorded from July to September 2020, an exceptional increase 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, an increase of 16% over 2019.

In addition, we’ve seen continuous price increases for several years now. Throughout the province, the median price of single-family homes increased 21% and currently stands at $ 310,000. Quite the achievement!

“COVID hasn’t slowed down at all the strength of the Montreal real estate market, even if in our industry we continue to implement social distancing, virtual visits and remote contract signing,” says Katia Samson.

Real estate tends to be the last segment to be affected when the economy slows down, and with very low interest rates buyers are bidding on larger properties in order to have a fully functional home office, with the reality of working from home that’s settling in.

If you’re wondering if this is the right time to sell or buy a property, don’t hesitate now that 2020 is almost over! “It’s a great market to put a property up for sale, as the statistics clearly show that buyers are still very active this fall.”

At Katia Samson Real Estate Group, we have a passion for proven results while providing peace of mind to our clients, thanks to more than 25 years of experience in the Montreal housing market.