Montreal Real Estate Market Update | February 2024 Trends & Insights

Real Estate Market in Bloom! Opportunities for Buyers and Sellers.

 As spring 2024 dawns, Montreal's real estate market is experiencing an anticipated renaissance, marking a favorable period for both sellers and buyers. 

This surge in activity is great news for anyone considering entering the market. Let's discover together the highlights of February 2024 which illustrate why it is the ideal time to sell or buy a property. 

1. Jump in Sales on the Island and Surrounding Areas All sectors of the Montreal CMA saw their sales increase, with the Island of Montreal in the lead at +40%, followed closely by the North Shore, the Shore -South, and Vaudreuil-Soulanges. 

2. Increase in All Property Categories The number of transactions varied from 28% to 56%, highlighting a notable increase in sales of single-family homes, condominiums, and small income properties. 

3. Increase in Active Listings An 18% increase in listings was observed, with 18,110 properties available in February, despite an inventory level slightly below the historical average. 

4. Slightly Modified Sales Times The average sales time has increased slightly for small income properties and condominiums, while remaining stable for single-family homes. 

5. Median Price Growth Median prices for all property categories have seen growth, with increases of 4% to 7% compared to the previous year. 6. Price Stability on a Monthly Basis The evolution of median prices shows stability with slight increases for single-family homes, small income properties, and condominiums compared to February 2023.

 Source: APCIQ