The Montreal-area real estate market showed signs of dynamism and growth in May 2024. Here’s a detailed look at the latest market statistics and trends, as well as the positive implications for potential buyers.
General Statistics for the Montreal Region
In May 2024, the total number of residential sales in the Montreal region reached 4,563, marking a 4% increase over May 2023. Active listings also rose significantly, by 22% to 18,996. New listings increased by 16% to 7005, while sales volume rose by 6% to $2,773,771,229.
Single-Family Homes
The single-family home segment recorded a 2% increase in sales over the same period last year, totaling 2334 transactions. Active listings climbed 22%, offering buyers a wide range of choices. The median price of single-family homes rose by 5% to $575,000, reflecting stable property valuations. The average selling time for single-family homes, at 51 days, gives buyers time to make informed decisions.
Condominiums
In May 2024, condominium sales increased by 5% compared to May 2023, with a total of 1,786 transactions. Active listings were also up 22%, reaching 8111, offering a diversity of options for potential buyers. The median price of condominiums rose slightly by 2% to $410,000. The average selling time rose to 55 days (+2 days), which remains a reasonable timeframe for buyers wishing to take the time to find the ideal condominium.
Plex (2 to 5 Units)
The plex segment posted impressive year-on-year sales growth of 11%, reaching 440 transactions. Active listings rose by 20% to 2,781. The median price of plexes rose by 7% to $780,000, underscoring the value and continued appeal of this property type for investors. The average selling time decreased slightly to 75 days (-2 days), indicating sustained demand and an active market.
Analysis of Market Trends
According to Charles Brant, APCIQ’s Director of Market Analysis, “the good performance is also the result of a combination of several recent factors. First, there are economic factors, including economic growth and anticipation of a first cut in the key interest rate, which has just materialized in a context where inflation tends to be close to the 2 per cent target.”
This combination of favorable economic factors is helping to boost buyer confidence and stimulate real estate market activity in the Montreal region.
Opportunities for Buyers
For potential buyers, the real estate market in the Montreal region in May 2024 presents several positive points:
- Wide choice of properties: the increase in active listings offers a variety of options, enabling buyers to find properties that meet their specific needs.
- Stable property valuations: the moderate rise in median prices in the various property categories indicates stable valuations, which is reassuring for long-term investors.
- Reasonable selling times: Average selling times give buyers the time they need to make informed decisions without rushing.
If you’re thinking of buying a property in the near future, make sure you’ve already completed your mortgage pre-qualification. This will give you the opportunity to find out exactly how much you’ll be able to borrow and pay for a home, as well as enabling you to make an offer to purchase quickly if you’re interested in a property.
Not yet pre-qualified? Apply for a mortgage pre-qualification in 5 minutes here!
In conclusion, the real estate market in the Montreal region in May 2024 is showing signs of growth and stability, offering great opportunities for buyers. If you’re thinking of buying a property or renewing your mortgage, I’m here to offer you personalized advice and to guide you on your real estate journey.
