{"id":1310,"date":"2024-06-20T15:05:28","date_gmt":"2024-06-20T15:05:28","guid":{"rendered":"https:\/\/www.hypothequetaux.ca\/?p=1310"},"modified":"2024-06-20T15:08:56","modified_gmt":"2024-06-20T15:08:56","slug":"the-montreal-real-estate-market-in-may-2024","status":"publish","type":"post","link":"https:\/\/www.hypothequetaux.ca\/en\/the-montreal-real-estate-market-in-may-2024\/","title":{"rendered":"The Montreal Real Estate Market in May 2024"},"content":{"rendered":"

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.<\/p>\n

General Statistics for the Montreal Region<\/h2>\n

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.<\/p>\n

Single-Family Homes<\/h2>\n

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.<\/p>\n

Condominiums<\/h2>\n

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.<\/p>\n

Plex (2 to 5 Units)<\/h2>\n

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.<\/p>\n

Analysis of Market Trends<\/h2>\n

According to Charles Brant, APCIQ’s Director of Market Analysis<\/a>, “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.”<\/p>\n

This combination of favorable economic factors is helping to boost buyer confidence and stimulate real estate market activity in the Montreal region.<\/p>\n

Opportunities for Buyers<\/h2>\n

For potential buyers, the real estate market in the Montreal region in May 2024 presents several positive points:<\/p>\n