Home sales, prices rise in Montreal amid optimism around interest rates: board

In January, Montreal-area home sales experienced an 18 per cent increase compared to the same month last year, according to the Quebec Professional Association of Real Estate Brokers.

Real estate signage showing a home that has sold is seen on Monday, May 15, 2023 in Montreal. The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales in January jumped 18 per cent compared with the same month a year earlier. THE CANADIAN PRESS/Christinne Muschi

The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales jumped 18 per cent in January compared with the same month a year earlier.

The association says home sales in the region totalled 2,077 for the month, up from 1,766 in January 2023.

The median price of a single-family home in January was $535,000, up seven per cent from $500,000 a year earlier, while the median price for a condominium was $390,000, up five per cent. The median price for a plex was $722,500, up seven per cent.

Active listings for January jumped 16 per cent compared with a year earlier to 16,838, while new listings rose 22 per cent to 5,410.

QPAREB market analysis director Charles Brant says sales were up thanks to better prospects regarding interest rates, which are expected to fall this year as inflation cools.

But he says there are still “several headwinds” including a sharp slowdown in economic activity, which has raised uncertainties for prospective homebuyers.

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