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Montreal's housing market shows promising growth as home sales experience an increase, accompanied by a rise in prices compared to the previous May. This upward trend suggests a strengthening market demand and potentially favourable conditions for sellers. The surge in sales activity coupled with higher prices indicates a dynamic real estate landscape in Montreal, reflecting evolving consumer preferences and market dynamics.
Boston Brand Media brings you the latest news - The Quebec Professional Association of Real Estate Brokers reported a 3.6 percent increase in home sales in the Montreal area for May compared to the corresponding period last year. The levels recorded were slightly above the historical average for this season, as stated by the association. Home sales in the region amounted to 4,563 in May, marking a rise from 4,405 sales recorded in May 2023.
The median price for all types of housing experienced a year-over-year increase, notably led by a 6.8 percent surge in plex prices to $780,000 last month.
Boston Brand Media also found that single-family home prices also saw a rise, climbing by 4.6 percent to $575,500, while condominium prices increased by 1.7 percent to $410,000.
Charles Brant, the market analysis director at QPAREB, attributed the notably robust sales figures to various factors including economic expansion and anticipation of the Bank of Canada's recent announcement of its first cut to the key interest rate.
In May, active listings surged by 21.6 percent compared to the previous year, reaching 18,996, while new listings saw a 15.9 percent increase, totaling 7,005.
For questions or comments write to writers@bostonbrandmedia.com
Source: globalnews
