Is activity heating up sooner than expected?
Montreal’s census metropolitan area saw housing market activity accelerate in February, with a 30% yearly jump in sales spurred by the Island of Montreal’s strong performance.
New statistics released by the Quebec Professional Association of Real Estate Brokers (QPAREB) showed that 3,843 properties changed hands in Montreal last month, significantly higher than at the same time in 2023 – but still below the historical average for this time of year.
All of the Montreal CMA’s main metropolitan areas saw prices increase. The Island of Montreal had 1,382 transactions in February, a 40% spike on a year-over-year basis, while the North and South Shores of Montreal and Vaudreuil-Soulanges also saw sales increase by more than 20%.
Meanwhile, active listings were up 18% from the same time last year, hitting 18,110 across the Montreal CMA and rising across all property types. That remains slightly below the historical average, but has improved markedly in recent months.
Small-income properties took on average 82 days for a sale to complete, while condominiums stayed on the market for an average of 61 days and single-family homes took 58 days to change hands.
Median prices increased on a yearly basis, with condominiums seeing a 4% median price increase (to $395,000) and single-family homes seeing their value jump by 7% to $550,000. Plexes, meanwhile, were up 4% in median price to $739,500.
Charles Brant, QPAREB’s market analysis director, noted that last month marked the first time since 2004 that new listings had jumped over 36% for the month of February.
“More homeowners are counting on the imminent drop in interest rates to put their property up for sale,” Brant said. “Moreover, increasing numbers have no choice but to put their property up for sale, as they are squeezed by monthly mortgage payments which are at unsustainable levels in a much less favourable economic context.”
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