Real Estate Board Reports Increase in Montreal Home Sales and Prices Compared to Last May

June 7, 2024 TruthUSA

According to the Quebec Professional Association of Real Estate Brokers, Montreal-area home sales increased by 3.6 percent in May compared to the same month last year, surpassing historical averages for this time of year.

Home sales in the region reached 4,563 for the month, up from 4,405 in May 2023.

The median price for all housing types saw a year-over-year increase, with a 6.8 percent rise for the price of a plex at $780,000 last month.

The median price for a single-family home went up by 4.6 percent to $575,500, and the median price for a condominium rose by 1.7 percent to $410,000.

Charles Brant, the market analysis director at QPAREB, attributed the strong sales figures to factors such as economic growth and anticipation of the Bank of Canada’s first cut to its key interest rate, which was announced earlier this week.

Active listings for May increased by 21.6 percent compared to the previous year, reaching 18,996, while new listings rose by 15.9 percent to 7,005.