In a significant rebound, Montreal-area home sales experienced a robust surge of 25.5% in April compared to the same period last year. This resurgence brings the total number of home sales to 4,688 for the month, marking a return to historical averages after a period of relative stagnation.
The Quebec Professional Association of Real Estate Brokers (QPAREB) reported a notable uptick in median prices across various housing types. Single-family homes led the charge with a 6.5% increase, reaching a median price of $575,000 last month. Similarly, plexes saw a four per cent rise to a median price of $754,000, while condominiums experienced a 2.7% uptick, reaching a median price of $400,598.
According to Charles Brant, QPAREB's market analysis director, April witnessed a "very reactive recovery," largely attributed to the anticipation of imminent interest rate cuts. This expectation stimulated market activity, prompting both sellers and buyers to engage more actively.
The data also revealed a notable increase in active listings, jumping by 19% compared to the previous year, totaling 18,932 properties available for sale. Simultaneously, new listings saw a substantial rise of 33.1%, reaching 7,099.
These developments reflect a dynamic shift in Montreal's real estate landscape, driven by market sentiment surrounding potential interest rate adjustments. As the region adapts to evolving economic conditions, stakeholders remain attentive to further developments that could shape housing trends in the coming months.
