Recent interest rate cuts are already having an impact on the real estate market, giving buyers more room to maneuver, although current conditions remain clearly in favor of property sellers.
Residential sales increased by 9% for the eighth month of the year compared to August 2023, noted the Quebec Professional Association of Real Estate Brokers (QPAREB).
“The Montreal region is maintaining its course for a vigorous recovery during the month of August, supported by the downward movement in interest rates,” said Charles Brant, Director of the QPAREB’s Market Analysis Department.
According to him, this vigor contrasts with that which can currently be observed in other Canadian metropolises which face higher levels of household debt and lower savings.
Sales were up throughout the Montreal census metropolitan area (CMA), particularly in Laval, Saint-Jean-sur-Richelieu and on the North Shore of Montreal, sectors which stood out with respective increases of 17%, 16% and 12% compared to a year earlier.
Condominiums remain particularly attractive with their sales increasing by 11% between August 2023 and 2024, even if their median price is far from falling, now standing at $407,100 (+4%).
The number of single-family homes sold increased by 9% compared to the same period last year. These properties have a median price of $590,000, which represents an increase of 5%.
The median price of plexes also increased by 6%, reaching $763,000, which did not prevent the increase in these sales, which increased by 4% in one year.
A still record level in Quebec
The market was also far from falling in Quebec, which continued to maintain its record level of activity, recording its second highest level for a month of August in 25 years.
“Market conditions remained firmly in favor of sellers, still on a hot streak, once again pushing prices to new highs across all categories,” noted Mr. Brant.
Sales thus saw a 10% jump between August 2023 and 2024 in the Quebec RMR territory and should continue to grow steadily.
The northern periphery of Quebec City stood out greatly with significant growth of 39% compared to August 2023, ahead of the South Shore of Quebec City (+19%) and the large sector of the Quebec City agglomeration (+4%).
The median price of condominiums increased the most with a 22% increase to $279,500, followed by plexes (+18%) at $456,000 and single-family homes (+9%) at $390,000.
