Montreal home sales, prices rise amid interest-rate optimism: board

MONTREAL – The Quebec Professional Association of Real Estate Brokers says home sales in the Montreal area rose 18 percent in January compared to the same month a year ago.

Home sales in the region were 2,077 for the month, up from 1,766 in January 2023, the association said.

The median single-family home price in January was $535,000, up seven percent from $500,000 a year ago, while the median condo price was $390,000, up five percent. The median price for a plex was $722,500, up seven percent.

Active listings in January were up 16 percent from a year ago to 16,838, while new listings were up 22 percent to 5,410.

Charles Brant, director of market analysis at QPAREB, said sales were buoyed by a positive outlook for interest rates, which are expected to ease as inflation cools.

But he said there were still “several headwinds,” including a sharp slowdown in economic activity that had created uncertainty for prospective homebuyers.

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

Canadian Press