Sales in the greater Montreal area totalled 3,429 in the month, up from 3,076 a year ago but down from the 3,830 sales posted in June.
QPAREB noted that the activity in July was slightly above the historical average for this time of year and was the fourth-most active July over the past 25 years.
“July starts off the summer period when transactional activity is usually quieter. It is interesting to note, however, that the Montreal CMA is back to a level of activity above the historical average calculated since 2000 for this period of the year,” noted Charles Brant, QPAREB Market Analysis Director.
“This is a clear sign that despite the fact that the CMA (Census Metropolitan Area) posts the highest prices in the province, the massive exodus towards other regions of Quebec is well and truly over, and that more and more newcomers are settling [in Montreal],” Brant added.
Data show that the Island of Montreal saw a record population increase of 90,000 individuals between 2022 and 2023.
New listings were up 14%, bringing the total number of active listings in the city to 17,545, a 22% increase from last year.
Source: QPAREB
Price pressures moderating
Average selling prices in July were up roughly 6% compared to a year earlier, with little change from the previous month.
For single-detached homes, the average price reached $585,000 in the month, up 6% year-over-year, while the average condo property sold for $411,000, up 4%.
Compared to June, average selling prices were largely unchanged.
“In the case of the Island of Montreal, it is particularly interesting to note that price growth has tended to stabilize, thanks to virtually balanced market conditions,” Brant noted. “This has allowed buyers to benefit more fully from the impact of lower mortgage interest rates.”
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Montreal montreal home sales montreal house prices montreal housing market QPAREB Quebec Regional
Last modified: August 8, 2024
