Montreal home sales continue to surge in December

Montreal's real estate market experienced a significant surge in December 2024, with home sales increasing by 54.1% compared to the same month in the previous year. The Quebec Professional Association of Real Estate Brokers (QPAREB) reported that 3,193 homes were sold in the region during December, up from 2,072 in December 2023. This marks the third consecutive month with a year-over-year sales increase exceeding 40%.

The rise in sales was accompanied by an increase in property prices across all housing types. The median price of single-family homes rose by 8.4% to $580,000, while condominiums saw a 7.2% increase, reaching a median price of $419,550. Plexes experienced the most significant price jump, with a 13.5% rise to a median of $794,500.

New property listings also saw an uptick, with 2,724 homes added to the market in December, representing a 10.9% increase from the previous year. Despite this influx, active listings dipped slightly by 0.8% to 14,706, indicating a robust demand that continues to outpace supply.

The sustained growth in Montreal's housing market can be attributed to several factors. The rapid decline in interest rates since June 2024 has made financing more accessible, encouraging more buyers to enter the market. Additionally, new government measures aimed at facilitating homeownership have further stimulated demand.

However, the combination of rising prices and limited supply presents challenges for prospective buyers. Chantal Routhier, QPAREB's assistant director of data analysis and management, noted that while the market dynamics have boosted sales, the resulting high prices pose significant affordability issues for many households. The constrained inventory further limits options for buyers seeking homes that meet their needs.

Overall, Montreal's real estate market closed 2024 on a strong note, with cumulative sales for the year up 20.5% from 2023, marking the highest level of activity since 2021. As the market moves into 2025, stakeholders will be closely monitoring these trends to assess their impact on affordability and housing availability in the region.