June 16th, 2024

Montreal home sales tick up as prices rise from last May: real estate board

By The Canadian Press on June 7, 2024.

A 'sold' sign is seen in front of a home in Montreal, Monday, May 6, 2024. THE CANADIAN PRESS/Christinne Muschi

MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 3.6 per cent in May compared with the same month last year, with levels slightly higher than the historical average for this time of year.

The association says home sales in the region totalled 4,563 for the month, up from 4,405 in May 2023.

The median price for all housing types was up year-over-year, led by a 6.8 per cent rise for the price of a plex at $780,000 last month.

The median price for a single-family home rose 4.6 per cent to $575,500 and the median price for a condominium rose 1.7 per cent to $410,000.

QPAREB market analysis director Charles Brant attributed the “particularly solid” sales figures to factors such as economic growth and anticipation of the Bank of Canada’s first cut to its key interest rate, which it announced earlier this week.

Active listings for May jumped 21.6 per cent compared with a year earlier to 18,996, while new listings rose 15.9 per cent to 7,005.

This report by The Canadian Press was first published June 7, 2024.

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