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Montreal home sales surge 54% in December as market momentum builds

Home sales in the Montreal region kept climbing in December, with 54.1% more properties changing hands compared to the same time last year, according to the Quebec Professional Association of Real Estate Brokers.

Montreal housing market

A total of 3,193 homes were sold last month, up from 2,072 in December 2023. It’s the third month in a row where year-over-year sales jumped by more than 40%.

The strength in sales was broad-based across property types. Single-family home sales rose 52%, condominium sales jumped 59%, and plexes (2-5 units) saw a 49% increase compared to last year.

Prices followed suit, with the median price of a plex soaring 14% to $794,500. Single-family homes weren’t far behind, with an 8% increase bringing the median price to $580,000, while condos saw a 7% rise to $419,550.

“Activity in December was at its highest since January 2022, and is now only 5.2% below
its pre-pandemic level,” noted National Bank economist Daren King in a research report.

King highlighted that, unlike the other three major Canadian cities, which only saw a notable rise in transactions beginning in October, Montreal’s real estate market has experienced a pronounced surge in activity starting as early as June. This uptick followed the Bank of Canada‘s first policy rate cut, driven in part by “relatively favourable affordability conditions,” King added.

Inventory trends were mixed

Active listings for single-family homes and plexes fell 7% and 10%, respectively, year-over-year, reflecting tighter supply. On the other hand, condo inventory increased by 8%.

New listings in December totalled 2,724, up 11% from a year ago, showing sellers are responding to the strong demand.

Meanwhile, total sales volume for December hit nearly $2 billion, a whopping 63% increase from December 2023. Year-to-date, sales volume reached $26.7 billion, up 28% compared to the previous year.

Homes are taking slightly longer to sell, with the average selling time for single-family homes increasing by seven days to 57 days. Condos saw a marginal rise of one day, with an average of 67 days on the market, while plexes saw a notable improvement, with selling times dropping by 11 days to 77 days.

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Last modified: January 8, 2025

Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal home.

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