(Montreal) Residential sales in the Montreal region jumped 30% in February compared to the same month a year earlier, but the level of transaction activity remained slightly below the historical average for this period of the year. year, according to the Professional Association of Real Estate Brokers of Quebec (APCIQ).
The association says residential sales in the Montreal census metropolitan area totaled 3,843 for the month, compared to 2,955 in February 2023.
Last month, the median price for all property types increased compared to the same period last year. The median price of a single-family home increased 7% to $550,000, while that of a condominium and plex increased 4% to $395,000 and $739,500. , respectively.
Active listings in February jumped 18% from the previous year to a total of 18,110, while new listings increased 32% to 6,769.
The director of the APCIQ’s market analysis department, Charles Brant, affirms that the increase in active registrations on the market is “quickly absorbed by the manifestation of a latent demand that is still very significant”, with many buyers being eager to take advantage of the trading conditions that they consider favorable.
Mr. Brant speaks of a “dynamic start to the year” in terms of residential transactions, which he attributes to factors such as the sustained migration flow since the end of the pandemic and the optimism heading into rate cuts planned by the Bank of Canada during the year.