In the vibrant city of Montreal, the real estate market is experiencing a surge in activity, defying trends seen in other parts of the country. The Quebec Professional Association of Real Estate Brokers reports that home sales in the Montreal area have increased by 9.3% in August when compared to the previous year. These numbers are not just good; they exceed the historical average for this time of year, painting a picture of a robust and thriving market.
Here are some key points from the latest report:
- Home sales in the Montreal region reached 2,991 in August, a significant increase from the 2,737 sales recorded in August 2023.
- The median price for all housing types saw a year-over-year increase, with plex prices leading the way at $763,000.
- The median price for a single-family home rose by 5.2% to $590,000, while the median price for a condominium increased by 4.4% to $407,100.
Charles Brant, the market analysis director at QPAREB, highlights the strength of the Montreal resale market as a standout feature in the current real estate landscape. While other Canadian cities are grappling with challenges such as high household debt, low savings, and decreasing purchasing power, Montreal seems to be thriving.
Additional insights from the report include:
- Active listings for August saw an 18% increase from the previous year, reaching 17,200 listings.
- New listings also went up by 1.7% to 4,840, indicating continued interest and activity in the market.
This data, released by The Canadian Press on September 6, 2024, underscores Montreal’s resilience and attractiveness in the real estate sector. Despite broader economic uncertainties, the city’s housing market remains a bright spot, offering opportunities for buyers, sellers, and investors alike to capitalize on its growth and stability.
