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Montreal home sales up in March as prices rise across all housing types



Montreal's housing market witnessed a notable surge in March, with home sales marking a robust 14.2 percent increase compared to the same period last year, according to data released by the Quebec Professional Association of Real Estate Brokers.


Throughout the month, a total of 4,488 homes were sold in the region, a significant uptick from the 3,930 transactions recorded in March 2023. Despite this considerable boost in sales activity, it's worth noting that the current level of transactions remains slightly below the historical average for this time of year.


The upward trend in sales was accompanied by a corresponding rise in median prices across all housing types. Particularly striking was the increase in the median price of single-family homes, which saw a notable 5.6 percent uptick, reaching $565,000 last month. Similarly, the median price for plexes climbed by 5.5 percent to $750,000, while condominium prices experienced a 4.9 percent rise, settling at $400,000.


Amidst this heightened market activity, the number of active listings surged by 17.1 percent compared to the previous year, reaching a total of 18,707 properties available for sale. Concurrently, new listings also saw a notable uptick, rising by 10.4 percent to 6,973.


These figures indicate a dynamic and evolving real estate landscape in Montreal, characterized by increased demand driving both sales and prices across various housing categories. The notable rise in active and new listings suggests a growing inventory, potentially offering buyers a broader range of options in the market.


As Montreal continues to attract homebuyers and investors alike, the local real estate market remains a focal point of economic activity and interest. The sustained growth in both sales volume and prices underscores the resilience and attractiveness of the city's housing sector, despite broader economic fluctuations and uncertainties.


Moving forward, industry experts will closely monitor market dynamics, assessing the impact of factors such as interest rates, economic indicators, and housing policies on Montreal's real estate landscape. Amidst evolving conditions, both buyers and sellers will navigate this dynamic market, seeking opportunities and making informed decisions within this vibrant urban environment.


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