The Montreal Census Metropolitan Area (CMA) recorded growth across all property types: condominium sales rose 47%, single-family homes increased 44%, and plexes were up 34%, pushing transaction levels back to pre-pandemic highs.

Lower interest rates have sparked renewed buyer interest, allowing more buyers to qualify for mortgages and driving demand, according to the latest monthly report from the Quebec Professional Association of Real Estate Brokers (QPAREB).

“The return of more favourable and sustainable financing conditions is encouraging both sellers and potential buyers to take action, and has increased the pool of households qualifying for a mortgage,” said Charles Brant, QPAREB’s Market Analysis Director.

He highlighted that a slowdown in fixed mortgage rate decreases is compelling many buyers to jump into the market.

“In a context where the declines in fixed mortgage rates appear to be ending, many buyers are choosing to commit immediately, before competition and prices rise further,” he said. “On the other hand, with the latest additional half-percentage-point reduction in the key interest rate, approximately 12.5% of the pool of buyers who couldn’t qualify at the beginning of the year are now able to do so, especially first-time homebuyers.”

Montreal home prices climb amid the surge in sales

Average property prices in the Montreal CMA also saw steady increases in October, keeping pace with the heightened demand.

The average price of a single-family home rose to $589,000, up 8% year-over-year, while condominiums reached an average price of $414,250, marking a 6% increase. Plexes also saw a 7% rise, with average prices rising to $789,500.

Charles Brant Montreal montreal home sales montreal house prices montreal housing market QPAREB Quebec Quebec Professional Association of Real Estate Brokers

Last modified: November 8, 2024