(Montreal) Residential sales in the Montreal census metropolitan area jumped 18% in January compared to the same month of the previous year, according to the Professional Association of Real Estate Brokers of Quebec (APCIQ).
A total of 2,077 properties were sold in Greater Montreal last month, compared to 1,766 in January 2023.
The median price of a single-family home in January was $535,000, up 7% from $500,000 a year earlier, while the median price of a condominium was $390,000, an increase of 5%. The median price of a plex was $722,500, an increase of 7%.
Active registrations for January jumped 16% from the previous year to 16,838. New registrations increased 22% to 5,410.
Director of APCIQ’s market analysis department, Charles Brant, says transactions have increased thanks to a better outlook for interest rates, which are expected to fall this year as inflation calms.
He warns that “there are, however, many headwinds”, including a sharp slowdown in economic activity and the uncertainties this creates for potential buyers of a new property.