The Quebec Professional Association of Real Estate Brokers has reported a significant increase in Montreal-area home sales in April, with a surge of 25.5 percent compared to the same month last year. This increase has brought home sales levels back to historical averages, with a total of 4,688 homes sold in the region during the month, up from 3,734 in April 2023. The median price for all housing types also saw a year-over-year increase, with single-family home prices rising by 6.5 percent to $575,000, plex prices increasing by four percent to $754,000, and condominium prices rising by 2.7 percent to $400,598.
This surge in home sales is attributed to a “very reactive recovery” in April, driven by the anticipation of an impending decrease in interest rates and potential price growth in the real estate market. According to QPAREB market analysis director Charles Brant, this reactive response was fueled by expectations of a return to a downward interest rate cycle and the resulting market price growth. Active listings for April also saw a significant increase, jumping by 19 percent compared to the previous year, reaching a total of 18,932 active listings. New listings also rose by 33.1 percent to 7,099, indicating a robust market activity in the Montreal area.
Despite the surge in home sales and prices, the Montreal real estate market remains robust and active, with both buyers and sellers participating in the market. The increase in active and new listings suggests a healthy level of inventory available for prospective buyers, allowing for a diverse selection of properties to choose from. The continued rise in housing prices, particularly for single-family homes, plexes, and condominiums, indicates strong demand and competition in the Montreal real estate market.
The combination of a reactive recovery, anticipation of declining interest rates, and potential price growth has contributed to a dynamic real estate market in Montreal, with both buyers and sellers actively participating in home sales. The increase in active and new listings suggests a balanced market with sufficient inventory to meet demand, providing opportunities for buyers to find suitable properties. The median price increases seen across various housing types reflect the strong demand and competitiveness within the Montreal real estate market, indicating a positive outlook for the industry in the coming months.
Overall, the Montreal real estate market experienced a significant surge in home sales and prices in April, with levels returning to historical averages and surpassing previous year’s figures. The combination of a reactive recovery, anticipation of interest rate changes, and price growth has fueled market activity and competition, resulting in increased prices for single-family homes, plexes, and condominiums. With a healthy level of active and new listings available, the Montreal real estate market remains dynamic and robust, offering opportunities for buyers and sellers to participate in a thriving industry.
