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Montreal’s real estate market on the rise
In a remarkable turn of events, the Montreal-area real estate market has witnessed a staggering 43.8% increase in home sales in October 2023 compared to the same month last year.
According to the Quebec Professional Association of Real Estate Brokers, a total of 3,824 homes were sold in the region, a significant jump from 2,659 sales recorded in October 2022. This surge reflects a renewed interest in homeownership and a possible recovery from previous market slowdowns.
Price trends indicate strong demand
The median price for homes across various categories has also seen an upward trend, signaling a robust demand. The price of single-family homes rose by 8.1%, reaching a median of $589,000. Similarly, plexes experienced a 7.1% increase, with a median price of $789,500, while condominiums saw a 6.2% rise, bringing their median price to $414,250.
These price hikes indicate that buyers are willing to invest more in properties, reflecting confidence in the market’s stability.
New listings and active inventory growth
In addition to the surge in sales, the Montreal area also saw an increase in new listings, with 6,258 properties hitting the market in October, marking a 10.7% rise from the previous year.
This influx of new listings is crucial as it helps to balance the market and provides potential buyers with more options. Furthermore, active listings for the month rose by 8%, totaling 18,201 homes available for sale. This growth in inventory is essential for sustaining the momentum in the market and ensuring that buyers have access to a diverse range of properties.
