Montreal, Quebec real estate for sale, listings in the double digits

Both the Greater Montreal area and the province of Quebec saw double-digit increases in real estate listings and sales, with analysts expecting the hot market to arrive in the last quarter of 2024.

The Quebec Professional Association of Real Estate Brokers (QPAREB) reports that Montreal sales are up 20 percent and listings are up 16 percent over the same quarter of 2023.

Across the province, sales are up 17 percent over 2023, listings are up 20 percent, and the uptick is felt in all sectors except Trois-Rivières and Gatineau, said Charles Brant, director of market analysis at QPAREB.

“However, these results need to be put into perspective: sales numbers appear to show a recovery that should be confirmed in the second quarter, but remain slightly below the historical average for this time of year,” he said. said.

Experts say that the price may increase even more in 2024.

Royal LePage House Prices and Market Forecasts say home prices in Greater Montreal could increase by 8.5 percent in the fourth quarter of this year.

“Given the ongoing housing shortage and widespread expectations that the Bank of Canada is preparing to cut its overnight rate in 2024, we warned last December that increased demand would return to the market well in advance of interest rate cuts, and that's exactly what happened. in the first quarter of the year,” said Dominique St. Pierre, vice president of Royal LePage. “Believing that rates may start to drop in June, buyers have returned to the market, hoping to sign deeds of sale when financing costs start to drop. Far below the needs of a growing population, other candidates have had the same idea, at a significant quarter of the price. influenced the rise”.

St-Pierre added that the window could be closing quickly for those looking to take advantage of the market slowdown and lower funding costs.

He says he expects the rental market to heat up in 2024.

Plex sales growth

The biggest jump was in plex sales (up 28 per cent in Montreal, 25 per cent in Quebec), with median prices up six per cent in Montreal (to $740,000) and 15 per cent in the province (to $520,000).

In Quebec, single-family home and condo sales rose (both up 16 percent), while prices rose 10 percent ($439,000 for a single-family home) and five percent ($365,000 for a condo).

In Montreal, the median price for a single-family home is $553,250 (up five percent), while a condo is about $395,000 (up four percent)

Brandt says the real estate market has been hit back by the fact that the consumer price index is falling and interest rates are likely to fall.

“This context has led many homebuyers to decide to pre-empt the potential risk of overheating,” he said. “Activity is trending back up with double-digit increases in the number of properties listed for sale in many markets.”

According to the association, Quebec sales in 2024 are close to the average number since market data began being compiled in 2000.