In a remarkable surge, the Montreal real estate market saw a 54.1% increase in property sales in December compared to the same month last year, according to the quebec Professional Association of Real Estate Brokers (APCIQ). A total of 3,193 homes changed hands, marking the third consecutive month of over 40% year-over-year growth. The median price for all housing types also rose,with plexes experiencing a 13.5% increase to $794,500,while single-family homes and condominiums saw median prices rise to $580,000 and $419,550,respectively. Additionally, new listings in the Montreal area rose by 10.9%, although active listings slightly decreased by 0.8%.This upward trend reflects a robust market, with cumulative sales for 2024 up 20.5% from the previous year, the highest activity level since 2021.
Q&A: Insights on the Montreal Real Estate Surge
Editor: Welcome, adn thank you for joining us today. We’ve seen a remarkable 54.1% increase in property sales in Montreal this December compared to last year. What do you believe is driving this surge?
Expert: The current spike in property sales can be attributed to several factors, including low-interest rates, an increasing population, and a resurgence of buyer confidence. The latest data from the Quebec Professional Association of Real Estate Brokers (APCIQ) indicates that 3,193 homes were sold, reflecting strong demand in the market. Additionally,many buyers are looking to take advantage of favorable financing options before any potential interest rate hikes.
Editor: You mentioned strong demand. Interestingly,this marks the third consecutive month of more than 40% year-over-year growth. What implications does this have for both buyers and sellers?
Expert: For sellers, this trend indicates a robust possibility to list their properties.With median prices rising—plexes up by 13.5% to $794,500 and single-family homes seeing an increase to $580,000—sellers can expect favorable offers. However, buyers shoudl be prepared for a competitive landscape. The uptick in new listings by 10.9% is positive, yet the slight decrease in active listings by 0.8% suggests that while inventory is increasing, finding the right home will still require diligence.
Editor: That’s insightful! With cumulative sales for 2024 already up 20.5% from last year, reaching the highest activity level since 2021, what advice would you give to potential homebuyers looking to navigate this market?
Expert: It’s crucial for buyers to stay informed and act decisively. Start by securing pre-approval for a mortgage to understand your budget better. Additionally, partnering with a local real estate agent can provide you with insights and access to new listings as they hit the market. Buyers should also be open to different types of properties; as a notable example, condominiums are currently priced at a median of $419,550 and can be a more affordable option that still offers desirable urban living.
Editor: Excellent points! As we look to the future, do you foresee this upward trend in the Montreal real estate market continuing?
Expert: While the market has shown remarkable resilience and growth lately, various factors could influence its trajectory—such as economic shifts, government regulations, and changes in consumer behavior. It’s essential to monitor these trends closely.However, based on current indicators, demand seems poised to remain strong, supported by ongoing migrations to the city and a desire for homeownership among younger demographics.
Editor: Thank you for your valuable insights today. With the Montreal real estate market demonstrating such dynamism, readers will surely benefit from understanding these trends and applying your advice as they navigate buying or selling properties.
Expert: Thank you for having me. Staying informed and adaptable is key in such a competitive market.