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HomeNewsCanadian NewsMontreal Real Estate Market Off to a Flying Start in 2024: February...

Montreal Real Estate Market Off to a Flying Start in 2024: February Home Sales Surge.

Montreal Real Estate

According to the Quebec Professional Association of Real Estate Brokers, house sales in the Montreal region increased by 30% in February compared to the same month last year, although sales activity remained somewhat below the historical norm for this time of year.

The group reports that house sales in the region were 3,843 for the month, up from 2,955 in February 2023.

The median price for all housing types was up year on year, driven by a 7% increase in the price of a single-family house to $550,000 last month. Meanwhile, the median price of a condominium and a plex grew by 4%, reaching $395,000 and $739,500, respectively.

Active listings in February increased 18% from the previous year to 18,110, while new listings increased 32% to 6,769.

According to QPAREB market analysis head Charles Brant, the surge in active listings on the market “has been quickly absorbed by the manifestation of a still very significant latent demand,” with many buyers eager to take advantage of what they perceive to be favorable bargaining terms.

Brant describes it as a “dynamic start to the year” in terms of sales activity, citing factors such as continuing migrant movement after the end of the epidemic and excitement about the Bank of Canada’s expected rate decreases later this year.

This item from The Canadian Press was first published on March 6, 2024.

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