Canada: Montreal and Greater Toronto Real Estate Market Sees Surge in February Sales

Montreal-area home sales jumped 30% in February, with prices on the rise. Find out more about the latest trends in the Quebec real estate market.

The real estate market in both Montreal and Greater Toronto saw significant activity in February, with Montreal-area home sales jumping 30 per cent compared to the previous year. Despite this increase, sales remained slightly below the historical average for this time of year. The Quebec Professional Association of Real Estate Brokers reported a total of 3,843 home sales in the region last month, up from 2,955 in February 2023. The median price for all housing types also saw a year-over-year increase, with single-family homes leading the way with a seven per cent rise to $550,000. Condominiums and plexes also saw price increases of four per cent each, reaching $395,000 and $739,500, respectively. Active listings in February rose by 18 per cent compared to the previous year, reaching 18,110, while new listings increased by 32 per cent to 6,769.

In Greater Toronto, home sales and listings were up in February compared to the previous year, with the Toronto Regional Real Estate Board reporting a 17.9 per cent increase in sales to 5,607. The average selling price also saw a 1.1 per cent year-over-year increase to $1.11 million. In the City of Toronto, sales were up by 13.7 per cent from February 2023, with 1,971 transactions recorded. Throughout the rest of the Greater Toronto Area (GTA), home sales increased by 20.4 per cent to 3,636. Sales across all housing categories in the GTA saw gains, with townhouses leading the way with a 24.8 per cent increase, followed by detached homes at 21 per cent, semi-detached homes at 16.9 per cent, and condo apartments at 9.5 per cent.

Despite the overall positive trend, February sales in the GTA were down by 12 per cent on a seasonally adjusted basis compared to January. This decline marks a reversal from two consecutive months of double-digit growth, indicating a potential market transition. The Toronto Regional Real Estate Board noted that monthly figures can be volatile during market shifts. New listings in February were up by 33.5 per cent compared to the previous year, reaching 11,396.

The real estate markets in Montreal and Greater Toronto experienced notable activity in February, with increased sales and prices in both regions. The market dynamics in both areas suggest ongoing interest and demand for housing, despite some fluctuations in sales figures.