In May, Montreal-area home sales saw a 3.6% increase compared to the same month the previous year, with levels slightly higher than the historical average for this time of year. The Quebec Professional Association of Real Estate Brokers reported a total of 4,563 home sales in the region, up from 4,405 in May 2023. The median price for all housing types also rose year-over-year, with the price of a plex increasing by 6.8% to $780,000. The median price for a single-family home went up by 4.6% to $575,500, and the median price for a condominium increased by 1.7% to $410,000.
Charles Brant, the Market Analysis Director of QPAREB, attributed the strong sales figures to various factors such as economic growth and anticipation of the Bank of Canada’s first cut to its key interest rate, which was announced earlier in the week. Active listings for May showed a significant increase of 21.6% compared to the previous year, totaling 18,996 listings. Additionally, new listings also rose by 15.9% to reach 7,005 for the month. These numbers suggest a robust real estate market in the Montreal area, with a combination of factors contributing to the positive growth in both sales and listings.
The rise in home sales and median prices in the Montreal area reflects a healthy real estate market that continues to show growth and stability. With a steady increase in both sales and listings, potential buyers and sellers can navigate the market with confidence, knowing that there are opportunities available for them. The factors contributing to this growth, such as economic conditions and changes in interest rates, provide a favorable environment for those looking to engage in real estate transactions in the area.
As the market continues to see positive growth, buyers and sellers in the Montreal area can take advantage of the current conditions to make informed decisions regarding their real estate transactions. With a variety of housing types available and median prices on the rise, now may be a good time for individuals to enter the market or make a move within it. The strong sales figures and increased listings indicate a dynamic real estate market that is poised for continued growth and activity in the coming months.
Overall, the Montreal real estate market in May showcased strong sales figures, increased median prices, and a rise in both active and new listings, indicating a robust and active market in the region. With various factors contributing to this growth, including economic conditions and changes in interest rates, buyers and sellers can navigate the market with confidence. As the market continues to show stability and growth, individuals looking to engage in real estate transactions in the Montreal area can take advantage of the current conditions to make informed decisions and capitalize on the opportunities available.
