Baystreet.ca - Home sales in Montreal surged 54% higher year-over-year in December as buyers returned to the residential real estate market.
The Quebec Professional Association of Real Estate Brokers says that home sales in Montreal totalled 3,193 in December, up 54.1% from 2,072 in December 2023.
December also marked the third consecutive month with a year-over-year increase in the Montreal market of greater than 40%.
The median price for all housing types was also up year-over-year, led by a 13.5% gain in the price for a plex at $794,500.
The median price of a single-family home rose 8.4% in December to $580,000 and the median price of a condominium increased 7.2% to $419,550.
There were 2,724 new listings in Montreal at the end of 2024, up 10.9% from a year earlier. However, active listings for December dipped 0.8% compared with a year ago to 14,706.
For all of 2024, home sales in Montreal increased 20.5% from 2023, the highest level of activity since 2021.
With interest rates charged on home mortgages declining, it has sparked a resurgence of home buying in select markets across Canada, say analysts.