The Quebec Professional Association of Real Estate Brokers (APCIQ) reports that home sales in the Montreal region increased by 3.6% in May compared to the same month last year. This is slightly above the historical average for this time of year. There were 4563 home sales in Montreal in the month, up from 4405 in May 2023.
The median price has risen for all types of properties compared to last year. The median price of a plex has increased by 6.8% to $780,000 in May. The median price of a single-family home has also increased by 4.6% to reach $575,500, and the median price of a condominium has increased by 1.7% to reach $410,000.
Charles Brant, the Director of Market Analysis at APCIQ, attributed the “particularly strong” figures to factors such as economic growth and anticipation of the first cut in the Bank of Canada’s key interest rate, announced earlier this week. Active listings have surged by 21.6% compared to May 2023 to reach 18,996, while new listings have increased by 15.9% to 7005.
The real estate market in Montreal is experiencing a significant upswing, driven by various economic factors and market conditions. The increase in home sales and prices indicates a growing demand for properties in the region. This trend is expected to continue in the coming months as the market remains favorable for both buyers and sellers.
In addition to the rise in sales and prices, the increase in active and new listings suggests a healthy and dynamic real estate market in Montreal. The availability of more properties for sale provides buyers with a wider range of options to choose from, while sellers can benefit from increased competition and demand.
Overall, the current state of the Montreal real estate market presents opportunities for both buyers and sellers. With favorable economic conditions and market dynamics, now may be a good time to consider buying or selling a property in the region. As the market continues to evolve, staying informed about the latest trends and developments can help individuals make informed decisions regarding real estate transactions.