The Montreal real estate market has witnessed a flurry of activity in the early months of 2024. February month has set the stage for a promising year ahead. This article delves into the latest trends and figures that paint a vivid picture of this dynamic landscape.

Sales Surge and Market Optimism

According to the Quebec Professional Association of Real Estate Brokers (QPAREB), the Montreal resale market recorded 2,077 transactions in January 2024. It made an impressive 18% increase compared to the previous year. This increase in activity is largely attributed to renewed optimism surrounding interest rates. It also indicates economic forecasts at the end of 2023 which suggests an end to the interest rate hike cycle along with potential rate reductions in 2024.

Robust Growth Across Sectors

The sales growth was spread across all main sectors of the Montreal census metropolitan area (CMA). The South Shore was also emerged as a standout performer. It recorded 541 transactions which is a remarkable 36% increase. The other regions such as North Shore, Laval, and Saint-Jean-sur-Richelieu, also experienced significant sales increases.

Property Category Performance

Single-family homes led the charge, with sales rising by a notable 22%. Condominiums and small-income properties also contributed to the positive trend, with sales increasing by 15% and 6%, respectively.

Inventory Levels on the Rise

The number of listings in January 2024 increased to 16,838 properties. It represents a 16% increase compared to the previous year. This surge in inventory affected all property categories. Although the overall inventory remained below historical averages.

Sales Times and Median Prices

The average selling time experienced a slight increase across all property categories. It remained within a reasonable range. On the other hand, median prices continued their upward trajectory. It included the condominiums seeing a 5% increase. Apart from that, the single-family homes and plexes experiencing a 7% rise.

Regional Price Variations

The growth in median prices remained stable compared to the previous month. The annual variations revealed significant increases in certain areas. It was reflected particularly on the Island of Montreal, in Saint-Jean-sur-Richelieu, and in Vaudreuil-Soulanges.

February’s Momentum Continues

Carrying the momentum from January, February 2024 saw a remarkable surge in sales activity. It showed the transactions soaring by 85% compared to the previous month and outperforming February 2023 by 28.3%. This resurgence was accompanied by a 32% year-over-year increase in new listings. It injected fresh inventory into the market.

Price Growth and Transactions

The average home sold price in Montreal’s housing market reached $579,721 in February 2024. It represented an 8.3% growth over the previous year, also a 1.7% increase from the previous month. Notably, 3,843 homes changed their owner. It signalled a 28.3% year-over-year increase in transactions.

Montreal’s real estate landscape is poised for a dynamic and promising year. Despite economic challenges and uncertainties, the prospects of improved financing conditions. This market sustained growth across all sectors suggesting a vibrant and active market in the months ahead.