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Montreal real estate market sees 'dynamic start' to 2024 as February home sales rise



Montreal's real estate market kicked off 2024 with a bang, experiencing a dynamic start in February as home sales surged by an impressive 30 percent compared to the same period last year. The Quebec Professional Association of Real Estate Brokers revealed that despite the remarkable growth, sales activity hovered slightly below the historical average for this time of the year.


Throughout the month, the Montreal region witnessed a robust total of 3,843 home sales, a significant leap from the 2,955 recorded in February 2023. This surge in sales has been met with a positive momentum, setting an optimistic tone for the local real estate landscape.


One notable highlight is the upward trajectory of median prices across various housing types. Single-family homes took the lead with a substantial seven percent year-over-year increase, reaching a median price of $550,000 in the past month. Condominiums and plexes also experienced notable growth, each registering a four percent rise in median prices, now standing at $395,000 and $739,500, respectively.


The Montreal real estate market has not only witnessed a surge in sales but also a notable increase in both active and new listings. Active listings for February spiked by 18 percent compared to the previous year, reaching a total of 18,110. Concurrently, new listings recorded an impressive 32 percent increase, totaling 6,769.


Charles Brant, the Market Analysis Director at the Quebec Professional Association of Real Estate Brokers (QPAREB), interprets the rise in active listings as a positive development that has been swiftly absorbed by a substantial latent demand. Buyers, motivated by favorable negotiation conditions, are seizing the opportunity to enter the market.


Brant characterizes this surge in sales activity as a "dynamic start to the year." He attributes this positive momentum to several factors, including the sustained migratory flow since the pandemic's conclusion and the anticipation of rate cuts by the Bank of Canada later in the year. The optimism surrounding these expected rate adjustments is contributing to the overall positive sentiment within the real estate market.


As the Montreal real estate market continues to show resilience and adaptability, it appears that the city's housing landscape is on an upward trajectory. The increased demand and notable price growth indicate a market that is not only recovering but thriving, setting the stage for a potentially robust year in the Canadian real estate scene.


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