Montreal real estate market sees 'dynamic start' to 2024 as February home sales rise

MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales jumped 30 per cent in February compared with the same month a year earlier, but sales activity remained slightly below the historical average for this time of year.

The association says home sales in the region totalled 3,843 for the month, up from 2,955 in February 2023.

The median price for all housing types was up year-over-year, led by a seven per cent rise for the price of a single-family home at $550,000 last month. Meanwhile, the median price for a condominium and a plex both increased by four per cent, to $395,000 and $739,500, respectively.

Active listings for February jumped 18 per cent compared with a year earlier to 18,110, while new listings rose 32 per cent to 6,769.

QPAREB market analysis director Charles Brant says the increase in active listings on the market "has been quickly absorbed by the manifestation of a still very significant latent demand," with many buyers keen to capitalize on what they feel are favourable negotiation conditions.

Brant calls it a "dynamic start to the year" in terms of sales activity, which he attributes to factors such as sustained migratory flow since the end of the pandemic and optimism ahead of the Bank of Canada's anticipated rate cuts later this year.

This report by The Canadian Press was first published March 6, 2024.

The Canadian Press