The Montreal census metropolitan area (CMA) recorded growth in all property types: sales of condominiums increased by 47%, single-family homes increased by 44% and plexes increased by 34%, bringing the transaction levels at pre-pandemic peaks.
Lower interest rates have sparked renewed buyer interest, allowing more buyers to qualify for a mortgage and boosting demand, according to the latest monthly report from the Professional Association of Brokers real estate of Quebec (AQPAREB).
“The return of more favorable and sustainable financing conditions encourages both potential sellers and buyers to act and has increased the pool of households eligible for a mortgage loan,” said Charles Brant, director of market analysis at the AQPAREB.
He pointed out that a slowdown in the decline in fixed mortgage rates is forcing many buyers into the market.
“As the decline in fixed mortgage rates appears to be coming to an end, many buyers are choosing to commit immediately, before competition and prices increase further,” he said. “On the other hand, with the latest additional half-percentage-point reduction in the key interest rate, about 12.5% of the pool of buyers who couldn’t qualify at the start of the year can now do so, especially in the first few months. home buyers on time.
Home prices in Montreal climb amid sharp rise in sales
Average property prices in the Montreal CMA also saw steady increases in October, keeping pace with increased demand.
The average price of a single-family home rose to $589,000, up 8% year-over-year, while that of condominiums reached an average price of $414,250, an increase of 6%. Plexes also saw an increase of 7%, with average prices rising to $789,500.
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Charles Brant Montreal house sales in Montreal house prices in Montreal real estate market in Montreal QPAREB Quebec Professional Association of Real Estate Brokers of Quebec
Last modification: November 7, 2024