Canada: Montreal Home Sales Increase as Prices Surge

The Montreal real estate market sees a rise in home sales, with prices on the upswing. Find out more about the latest trends in the region.

In a positive turn of events for the Montreal real estate market, the Quebec Professional Association of Real Estate Brokers has reported a 3.6 per cent increase in home sales in the region for the month of May compared to the same period last year. This uptick brings the total number of home sales to 4,563, up from 4,405 in May 2023. These figures are slightly above the historical average for this time of year, indicating a healthy market.

The median price for all housing types also saw a year-over-year increase, with plexes leading the way with a 6.8 per cent rise to $780,000. Single-family homes followed suit with a 4.6 per cent increase to $575,500, while condominiums saw a 1.7 per cent rise to $410,000. This upward trend in prices reflects the strong demand for housing in the Montreal area.

Charles Brant, the market analysis director at QPAREB, attributes the robust sales figures to various factors, including economic growth and anticipation of the Bank of Canada's recent decision to cut its key interest rate. These positive market conditions have contributed to a particularly solid performance in the Canadian real estate sector.

On the supply side, active listings for May experienced a significant increase of 21.6 per cent compared to the previous year, reaching 18,996. Additionally, new listings rose by 15.9 per cent to 7,005, indicating a healthy level of inventory available to prospective buyers.

The Montreal real estate market is showing signs of strength and resilience, with both sales and prices on the rise. The combination of favorable economic conditions and increased market activity bodes well for the future of the housing market in the region.