The Quebec Professional Association of Real Estate Brokers reported a significant surge in Montreal-area home sales in April, with a 25.5% increase compared to the same month last year. This increase brought the total number of home sales in the region to 4,688, a notable rise from 3,734 in April 2023. The median price for all housing types also saw a year-over-year increase, with a 6.5% rise for the price of a single-family home, reaching $575,000 last month. Additionally, the median price for a plex rose by four percent to $754,000, and the median price for a condominium increased by 2.7% to $400,598.
QPAREB market analysis director Charles Brant attributed the surge in home sales to a “very reactive recovery” in April, driven by the expectation of an imminent return to a downward cycle in interest rates and potential price growth in the market. This expectation likely prompted buyers to act quickly, resulting in increased sales activity. Active listings for April also saw a significant jump, increasing by 19% compared to the previous year to a total of 18,932. New listings also rose by 33.1% to 7,099, indicating a strong level of market activity and interest from both buyers and sellers in the Montreal area.
The surge in home sales and prices in the Montreal area in April brought levels back to historical averages, signaling a strong market performance and continued demand for housing in the region. With the median price for all housing types experiencing year-over-year increases, particularly for single-family homes, plexes, and condominiums, the real estate market in Montreal appears to be robust and resilient. The active listings and new listings also point to a healthy level of inventory and interest from individuals looking to buy or sell properties in the area.
The increased market activity and higher median prices for homes in the Montreal area could be indicative of a broader trend in the real estate market, reflecting continued growth and stability in the housing sector. With the anticipation of a potential return to lower interest rates and favorable market conditions, buyers may have been motivated to make purchases in April, driving up sales figures. The combination of higher prices, increased listings, and strong demand suggests that the Montreal real estate market remains dynamic and attractive for both buyers and sellers.
Overall, the positive performance of the Montreal real estate market in April, as reported by the Quebec Professional Association of Real Estate Brokers, highlights the resilience and strength of the housing sector in the region. The surge in home sales, median prices, and listings indicates a robust market with significant activity and demand from buyers and sellers. As the market continues to navigate changing economic conditions and interest rate trends, the Montreal real estate market appears well-positioned to maintain its momentum and support continued growth in the future.
