Montreal residential sales up in February

Residential sales in Montreal jumped by 30 per cent in February compared to the same month a year earlier, but sales activity remained slightly below the historical average for this time of year, according to the Quebec Professional Association of Real Estate Brokers (APCIQ).

They report that homes sales in region totalled 3,843 for the month, up from 2,955 in February 2023.

The median price for all housing types was up year-over-year, led by a seven per cent rise for the price of a single-family home at $550,000 last month. Meanwhile, the median price for a condo and a plex both increased by four per cent, to $395,000 and $739,500, respectively.

Active listings for February jumped 18 per cent compared to last year at 18,110, while new listings rose 32 per cent to 6,769.

Charles Brant, director of the APCIQ’s market analysis department, says that the increase in active listings on the market is being “quickly absorbed by the manifestation of latent demand that is still very strong”, with many buyers keen to take advantage of what they see as favourable negotiating conditions.

Brant calls it a “dynamic start to the year” in terms of residential transactions, which he attributes to factors such as sustained migration since the end of the pandemic and optimism ahead of the Bank of Canada’s planned rate cuts later this year.

This report by La Presse Canadienne was translated by CityNews.