Home sales in Montreal surged 25% in April as expected rate cuts dampen rapid recovery: Slab

MONTREAL – Home sales in the Montreal area rose 25.5 percent in April compared to the same month last year, according to the Quebec Professional Association of Real Estate Brokers, with levels returning to historical averages.

Home sales in the region were 4,688 for the month, up from 3,734 in April 2023, the association said.

The median price for all types of housing rose to $575,000 last month, with single-family home prices rising 6.5 percent.

Meanwhile, the median price of a plex rose four percent to $754,000, and the median price of a condo rose 2.7 percent to $400,598.

Charles Brant, QPAREB's director of market analysis, says there was a “very reactive recovery” in April due to an “imminent return to the cycle of interest rate cuts” and expectations of rising market prices.

Active listings in April were up 19 percent from a year ago to 18,932, while new listings were up 33.1 percent to 7,099.

This Canadian Press report was first published on May 6, 2024.

Canadian Press