The rebound in the residential real estate market in the Montreal region continued in February for a fourth consecutive month, according to an analysis of data from the Centris system carried out by an economist from the National Bank.
Essentially, Daren King observes a 14% increase in the number of residential property sales in February compared to January. In annualized comparison, the number of sales in February in the Montreal region rebounded by 30% compared to the same period in 2023.
By sector, it was on the island of Montreal that the annualized increase in the number of transactions was the strongest in February, at 40% more year-on-year. This is followed by increases observed on the North Shore (+29%), the South Shore (+27%), as well as in Vaudreuil-Soulanges (+19%) and Laval (+14%).
For the first two months of the year, cumulative sales of residential properties were up 25% compared to the same two-month period at the start of 2023.
“With the increase in February, sales in the Quebec metropolis find themselves at their highest level since April 2022, but remain low compared to the level before the pandemic,” notes economist Daren King.
“Despite ongoing affordability challenges, this recovery in sales comes as long-term interest rates have fallen sharply since October. In addition, the stabilization of the Bank of Canada’s key rate and the anticipation of an easing of monetary policy as early as June probably motivated some buyers to take action. »