In January 2024, the real estate market in Montreal and Quebec experienced a positive dynamic, marked by a significant increase in transactions and property prices. In the greater Montreal area, real estate transactions saw an 18% increase, with 2,077 properties sold compared to 1,766 the previous year. Despite this growth, the Quebec Professional Association of Real Estate Brokers (QPAREB) points out that this level of activity remains below the historical averages observed since Centris began recording data in 2000.
Property prices also experienced a notable rise in Montreal. The median cost for a single-family home reached $535,000, marking a 7% increase from January 2023. Condominiums and plexes saw their median prices climb to $390,000 and $722,500, respectively, with increases of 5% and 7%. Concurrently, active listings increased by 16%, indicating an expanded market supply.
This improvement in sales and prices is explained in part by more optimistic perspectives regarding interest rate trends, with an anticipation of a reversal in 2024 after a period of increase. However, factors such as economic slowdown and the uncertainties it generates could temper this dynamic.
In the Quebec region, the real estate sector also showed robust performance, with a 16% increase in residential sales, reaching 604 transactions. Prices for single-family homes jumped by 11%, settling at $360,000, while condominiums and plexes recorded price increases of 3% and 16%, respectively. This price evolution reflects a growing preference for condominiums and plexes, particularly due to the scarcity of single-family homes and the rapid increase in rents, making these options more attractive to buyers and investors.
This overview of the real estate market in the Montreal and Quebec regions in January 2024 illustrates a sector in motion, where conditions are gradually becoming more favorable, although challenges remain.
