Montreal-area home sales ticked up in May, with levels slightly higher than the historical average for this time of year, the Quebec Professional Association of Real Estate Brokers (QPAREB) said. Residential sales in the Montreal Census Metropolitan Area (CMA) territory totalled 4,563 transactions last month, up 4 per cent, or 158 transactions, on an annual basis.
“Although sales for the month of May rose only by 4 per cent compared to May 2023, we should keep in mind that it is in comparison to the strong market at this time last year. Activity therefore remained particularly solid. Specifically, the North Shore of Montreal held the lead, not only by posting one in every four transactions in the Montreal region, but also by a 13 per cent jump in sales,” stated Charles Brant, QPAREB Market Analysis Director.
Brant attributed the “particularly solid” sales figures to a combination of factors such as economic growth and anticipation of the Bank of Canada’s first cut to its key interest rate, which it announced on Tuesday (June 5) becoming the first G7 nation to to begin its easing cycle.
“Added to this is a factor of continued market adaptation with prices expected to remain at high levels. One of the most significant examples is the rapid increase in intergenerational solidarity for the benefit of first-time homebuyers, with 27 per cent receiving a gift to help fund their down payment, according to the CMHC. This financial assistance represents an average of 13 per cent of the median price of a condominium in Quebec” continued Brant.
Overall median prices for all housing types were up when compared to those in effect at the same time last year. The median price of condominiums stood at $410,000, a slight increase of 2 per cent. Single-family homes sold at a median price of $575,500, growing by 5 per cent from last year. With a median price of $780,000, plexes recorded an increase of 7 per cent for the period, the association said.
Active listings for May continued to grow, jumping 22 per cent on an annual basis to reach 18,996 listings in the Montreal CMA. This increase in listings was observed across all property categories. The average selling time for small income properties was 75 days, 2 days longer than the same period a year ago. Condominiums and single-family homes follow at 55 days and 51 days, respectively. This is 2 more days for these two categories.
The most recent market statistics for the Montreal Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database, QPAREB said.
