Real estate listings and sales are up by double digits both in the Greater Montreal Area and the province of Quebec, with experts expecting a hot market coming in the final quarter of 2024.
The Quebec Professional Association of Real Estate Brokers (QPAREB) reports that Montreal sales increased 20 per cent from the same quarter in 2023, and listings are up 16 per cent.
Sales across the province are up 17 per cent from 2023 with listings up 20 per cent, and the rebound was felt in all sectors except Trois-Rivières and Gatineau, said QPAREB market analysis director Charles Brant.
“These results, however, must be put into perspective: although the number of sales seems to indicate a recovery, which will have to be confirmed in the second quarter, it remains slightly below the historical average for this period of the year,” he said.
Experts say prices could rise even more in 2024.
The Royal LePage House Price Survey and Market Forecasts says the price of a home in Greater Montreal could increase by 8.5 per cent in the fourth quarter of this year.
“Given the ongoing housing shortage and the widespread expectation that the Bank of Canada is preparing to lower its overnight rate in 2024, we warned last December that pent-up demand would return to the market well before interest rates fell, and that’s exactly what happened in the first quarter of the year,” said Royal LePage vice-president Dominic St-Pierre. “Calculating that rates could start to come back down around June, buyers rushed back into the market in a race against the clock, hoping to sign their deeds of sale just as financing costs started to come down. The problem is that, with inventory still well below the needs of the growing
The post Montreal, Quebec real estate sales, listings up by double digits first appeared on Insie Mesenza.