Montreal: Strong sales growth in April driven by high-end real estate

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• Strong sales growth for the third month in a row, with levels returning to historical averages for this time of year.
• The number of properties for sale on the market is experiencing an increase, which leads to increased market liquidity, especially in the higher price range.
• All in all, market conditions are favorable to sellers with signs of overheating, especially on Montreal's south and north shores.
• More affordable and mid-priced properties are the most susceptible to overheating.

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L'ÎLE-DES-SŒURS, Quebec, May 06, 2024 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has released real estate market statistics for April 2024. Latest market statistics Montreal Census Metropolitan Area (CMA) is based on the Centris provincial database of real estate brokers.

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Residential sales in Montreal's CMA totaled 4,688 in April 2024, a significant increase of 26 percent or 954 transactions compared to the same period last year. However, it should be noted that this level of transaction activity is slightly below the historical average recorded for this time of year since the Centris system began compiling market data in 2000.

“After an early pick-up in activity in February, there was a very reactive market recovery in April due to two specific factors: an increasingly clear and imminent return to the downward cycle of interest rates, as well as a recovery in price growth. this may indicate a rate cut. “Despite a persistently weak consumer confidence index marked by job losses, this suggests that more consumers believe this is a good time to make a major purchase such as real estate,” said Charles Brant, director of market analysis at QPAREB.

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“However, even if the intention to buy is real, the chance to act is with repeat buyers, as prices in the Montreal area have reached their 2022 highs at that time of the year. “With improved market liquidity, the most affluent are active in single-family homes and condos in the $700,000-plus price range, with sales in that price segment increasing 48 percent, compared to 25 percent across the entire price range,” he added.

Highlights of April

• Residential sales increased in all major metropolitan areas of the Montreal CMA. With 438 transactions, Laval marked a 35 percent jump compared to April last year. Montreal Island (1,713 sales, +27 percent), Montreal North Shore (1,095 sales, +26 percent), Montreal South Shore (1,109 sales, +23 percent) and Saint-Jean-sur-Richelieu (133 sales, +22 percent ) continued with an increase of more than 20 percent compared to April 2023. Voudreuil-Soulanges (200 sales) increased by 13 percent.
• Transaction activity by property category changed from 24% to 34% during the period. The number of single-family homes sold was up 24 percent year-over-year, with 2,438 sales. Condominium sales rose 26 percent to 1,814 transactions. Small income properties saw a sharp 34 percent increase to 433 sales.
• Active listings in April 2024 rose 19 percent year-over-year to 18,932 listings at the Montreal CMA. This increase in listings was seen across all property categories. Note that available real estate inventory is slightly below the historical average for this time of year since Centris began compiling market data in 2000.
• The average time to sell a small income property was 75 days, up 5 days from a year ago. Condominiums and single-family homes are 59 days and 51 days, respectively. This is more than 6 days for condominiums and 1 day for single family homes.
• All average prices were higher compared to the same period last year. Single-family homes sold for a median price of $575,000, up 7 percent from last year. The median price for condominiums was $400,598, a slight increase of 3 percent. plexes, with a median price of $754,000, increased 4 percent during the period.
• On a monthly basis, median prices were relatively stable compared to March 2024. Single-family homes saw a 2 percent median price increase, low-income homes saw a 1 percent price increase, while condo prices remained flat (0 percent). ).
• On a year-over-year basis, average single-family home price fluctuations in Montreal SMA's major metropolitan areas ranged between +3% and +9%. Significant average price increases were reported for Montreal's South Shore (+9 percent), Laval (+7 percent) and Vaudreuil-Soulange (+6 percent). Montreal's North Shore, Montreal Island and Saint-Jean-sur-Richelieu grew by 5 percent, 4 percent, and 3 percent, respectively.

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Additional Information:

Complete and aggregated monthly statistics by province and territory

If you would like more information from our market analysis department, such as specific data or regional real estate market data, please write to us.

About the Professional Association of Quebec Real Estate Brokers

The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association of over 14,000 real estate brokers and agencies. It is responsible for promoting and protecting the interests of its members, taking into account the challenges facing the profession and the diverse professional and regional realities of its members. QPAREB is also a key player in many real estate documents, including the implementation of measures that promote home ownership. The association reports statistics on the Quebec real estate market, provides real estate education, tools and services, and facilitates the collection, dissemination and exchange of information. QPAREB has its headquarters in Quebec City, administrative offices in Montreal and a regional office in Saguenay. It has two subsidiaries: Société Centris Inc. and Quebec College de l'immobilier. Follow his activities at qpareb.ca or via his social media pages: Facebook , LinkedIn , Twitter and Instagram .

For more information:

Ariane Boule
Morin Relations Publiques
[email protected]

Image bank (QPAREB loan) is free.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/954b9ce1-3386-4831-bede-eefae116ebba.

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