The Professional Association of Real Estate Brokers of Quebec (APCIQ) says that home sales in the Montreal region increased by 3.6% in May compared to the same month last year. The numbers are slightly above the historical average for this time of year.
The APCIQ indicates that there were 4,563 house sales in Montreal during the month, compared to 4,405 in May 2023.
The median price increased for all property types compared to last year. The median price of a plex notably increased by 6.8% to $780,000 in May.
The median price of a single-family home also increased, by 4.6%, to reach $575,500 and the median price of a condominium increased by 1.7% to reach $410,000.
APCIQ’s director of market analysis, Charles Brant, attributed the “particularly strong” figures to factors such as economic growth and anticipation of the first cut in the Bank of Canada’s key interest rate. Canada, announced earlier this week.
Active registrations jumped 21.6% from May 2023 to 18,996, while new registrations increased 15.9% to 7,005.