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Montreal and Quebec City see rising residential sales and prices in May: QPAREB

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The Quebec Professional Association of Real Estate Brokers (QPAREB) reports 4,563 May residential home sales in Montreal, a four per cent increase compared to the same period last year and slightly more than the historical average for this time of year.

As for Quebec City, there were 877 residential sales last month, two per cent more than the same time last year and the third-highest transaction level for the time of year since 2000.


Montreal highlights


“Although sales for the month of May rose only by four per cent compared to May 2023, we should keep in mind that it is in comparison to the strong market at this time last year. Activity therefore remained particularly solid. Specifically, the North Shore of Montreal held the lead, not only by posting one in every four transactions in the Montreal region, but also by a 13 per cent jump in sales,” notes Charles Brant, QPAREB market analysis director.

The Montreal area saw 2,334 sales of single-family homes, a two per cent jump compared to the same time last year. Condominium sales were up five per cent at 1,786 transactions, while small-income properties saw 440 sales, an 11 per cent increase. Active listings were up 22 per cent from a year ago to reach 18,996 listings.

Prices went up overall from a year ago and remain stable compared to April, across property types. Compared to a year ago, condominiums were at $410,000, two per cent higher, single-family homes were at $575,500, five per cent up and plexes were at $780,000, an increase of seven per cent.


Quebec City highlights


“The month of May saw particularly high levels of transactional activity in Quebec City. As regional market strength was already well established in May 2023, the resulting low variation in sales compared to last year can be misleading. Single-family home activity was particularly strong in the peripheral markets, while the agglomeration of Quebec City saw considerable interest in plexes. We noted a spectacular jump in the median price for this property category, which, like other property categories, has reached record highs since the beginning of spring,” notes Brant.

Quebec City had 629 sales of single-family homes last month, which was 18 per cent higher than the same time last year. Condominium sales were up 13 per cent at 272 transactions, while small-income properties saw 75 sales, an increase of 34 per cent. Active listings went down from a year ago by nine per cent to 2,673 listings, because of fewer condominium and plex listings.

Prices went up overall both from a year ago and from April, across property types. Condominiums were up 19 per cent to $276,500, single-family homes were at $381,340, nine per cent up and plexes were at $425,000, an increase of four per cent.


Review the full reports here.


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