May 24th, 2024

Montreal home sales up 25% in April as expected rate cuts prompt recovery: board

By The Canadian Press on May 6, 2024.

A "sold" sign is shown in a new housing development in Lasalle, a borough of Montreal, Monday, Feb. 19, 2024. The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales surged 25.5 per cent in April compared with the same month last year, with levels returning to historical averages for this time of year.THE CANADIAN PRESS/Christinne Muschi

MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales surged 25.5 per cent in April compared with the same month last year, with levels returning to historical averages.

The association says home sales in the region totalled 4,688 for the month, up from 3,734 in April 2023.

The median price for all housing types was up year-over-year, led by a 6.5 per cent rise for the price of a single-family home at $575,000 last month.

Meanwhile, the median price for a plex rose four per cent to $754,000 and the median price for a condominium rose 2.7 per cent to $400,598.

QPAREB market analysis director Charles Brant says there was a “very reactive recovery” in April due to the expectation of an “imminent return to a downward cycle in interest rates” and price growth in the market that could follow.

Active listings for April jumped 19 per cent compared with a year earlier to 18,932, while new listings rose 33.1 per cent to 7,099.

This report by The Canadian Press was first published May 6, 2024.

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