In February 2024, residential sales in the Montreal Census Metropolitan Area (CMA) reached 3,843, a significant increase of 30% compared to February 2023. However, this level of transactional activity is slightly below the historical average recorded for this time of year. This surge in activity is attributed to several factors, including sustained migration to the metropolis post-pandemic and expectations of future interest rate cuts. Despite an 18% increase in active listings, demand remains high, with many buyers seizing the opportunities in the market. Sales increased across all major sectors of the Montreal CMA, with the Island of Montreal leading the way with a 40% increase. Transactional activity varied between 28% and 56% across different property categories. Median prices for condominiums, single-family homes, and plexes all saw increases from 4% to 7% compared to last year. The market continues to be dynamic, with homeowners and buyers reacting to changing economic conditions and market trends.
An overview of the real estate market in Montreal in 2023
The QPAREB has published the residential real estate market statistics for Quebec for 2023. Sales decreased by 13% compared to 2022, but prices remained stable. First-time buyers are fewer due to economic uncertainty and expectations of interest rate decreases in 2024. Despite an increase in active listings, the market remains favorable to sellers. The average selling time has increased for all property categories. The Montreal CMA saw a 14% decrease in sales in 2023, with an increase in active listings and a decrease in median prices.
A comprehensive survey on the Real Estate Market
The Société d’habitation du Québec (SHQ) and the Quebec Professional Association of Real Estate Brokers (QPAREB) released the results of a survey on residential real estate in Quebec. The survey, conducted by Léger in the fall of 2023, polled 4,162 people on their home-buying and home-selling intentions over the next five years and the implications for the rental market. The survey revealed that despite high prices, inflation, and interest rates, home-buying intentions remain unchanged. Young households, especially those aged 18–34, are particularly active in the market. However, many young households feel they lack the financial capacity to purchase a home in the short term. Quebecers expect to pay an average of $440,000 for a home, a 34% increase from 2020. The survey also highlighted a growing awareness of financial tools like the First Home Savings Account (FHSA) among Quebecers.
Source QPAREB
Pour recevoir des conseils sur l’achat ou la Vente
Contact Edgar Sanson
Are you looking for information to make informed decisions about real estate?
As an experienced broker, I offer you sharp expertise, personalized advice, and an opportunity to discuss your real estate goals.
Contact me now for a comprehensive assistance with your real estate project in Montreal and its suburbs.
