Thanks to COVID-19, big cities are out, and a spacious suburban neighborhood is the desired place to be these days.

The Montreal area’s real estate market is now hotter than it’s ever been, with a growing number of desperate buyers trying to outbid each other at a shrinking number of properties.

According to a new national survey, the cost of buying a property in Montreal has skyrocketed while other cities saw little change over the last year.

The rise in prices was especially explosive for detached homes and townhouses due to the increased demand. Real Estate experts believe the pandemic is pushing people into the suburbs as they search for more living space at affordable prices.

The Quebec Professional Association of Real Estate Brokers (QPAREB) has released its residential real estate market statistics for the Montreal Area that says that sales jumped 32% in November 2020 compared to last year despite the second wave COVID-19 pandemic.

These days, multiple offers are the norm, whether buyers are looking for a starter home or a higher-end property. Even in more affordable areas like Pierrefonds, Pincourt, and Rigaud, homes sell fast and often above asking.

It’s great news for sellers — especially if you’re looking to cash out at the peak of the market.

So is it a good time to buy a property now? Who knows, but if you wait too long, it will probably get more expensive. Talk to a real estate broker you trust for some expert advice.

 

Sources: Montreal Gazette, CTV News Montreal