Home sales were on the rise in the Montreal market during August, according to data from the Quebec Professional Association of Real Estate Brokers (QPAREB).
There were nearly 3,000 residential sales last month in Montreal Census Metropolitan Area (CMA), up by 9% or 254 transactions from one year earlier. Active listings rose by 18% year-over-year to reach 17,200 listings.
Median prices in all property categories were on the rise from August 2023 – the median price of condominiums reached $407,100 (up 4%), while single-family homes sold at a median price of $590,000 (up 5%) and plexes recorded a median price of $763,000 (up 6%). On a consecutive monthly basis, single-family homes and condominiums saw their median price edge up by 1% while plexes recorded a slight decrease of 1%.
Charles Brant, QPAREB’s market analysis director, observed, “The Montreal area continued its strong recovery in August, supported by the downward movement in interest rates. The three consecutive rate cuts announced by the Bank of Canada since the beginning of the summer intersected with other positive factors, including a more moderate rise in home prices. The impact of the drop in mortgage rates was mainly felt in the purchasing power of households.”
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