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Montreal-area home sales experienced a notable increase of 9.3% in August compared to the same month last year, according to the Quebec Professional Association of Real Estate Brokers (QPAREB). The uptick in sales is slightly above the historical average for this time of year, signaling a robust performance in the local real estate market.
Surge in Home Sales
The total number of homes sold in the Montreal region reached 2,991 in August, up from 2,737 in August 2023. This significant rise in activity contrasts with trends observed in many other Canadian cities, where the real estate market is facing challenges due to higher household debt, lower savings, and reduced purchasing power.
Rising Home Prices
Alongside the increase in sales, median home prices across all housing types in Montreal also saw upward movement. The median price for a plex surged by 6% to $763,000, marking the highest increase among housing types. Single-family homes experienced a 5.2% increase, with the median price climbing to $590,000. Condominiums saw a 4.4% rise in median price, reaching $407,100.
QPAREB’s market analysis director, Charles Brant, highlighted that the strength of the Montreal resale market stands in contrast to the weakening conditions in other Canadian cities. The resilience of the Montreal market is attributed to its relative stability compared to cities grappling with economic pressures that impact real estate.
Increase in Listings
Active listings in the Montreal region saw a notable increase of 18% year-over-year, reaching 17,200 in August. This rise in active listings indicates a growing supply of homes on the market, potentially alleviating some of the competitive pressure seen in previous months. New listings also saw a modest increase of 1.7%, totaling 4,840 for the month.
Broader Market Context
The positive performance in Montreal’s real estate market comes amid broader national trends that reflect economic uncertainties. Many Canadian cities are experiencing declines in home sales and prices due to economic factors such as high household debt and diminished consumer confidence. In this context, Montreal’s market demonstrates a unique resilience, suggesting that local economic conditions may be contributing to the area’s stronger real estate performance.
