The Professional Association of Real Estate Brokers in Quebec QPAREB stated that home sales in the Montreal area jumped by 30 percent in February compared to the same month last year, but sales activity remained slightly below the historical average for this time of year.

It added that home sales in the area reached 3,843 homes this month, up from 2,955 in February 2023.

The average price for all types of housing also rose year-over-year, with a seven percent increase for single-family homes to reach $550,000 last month.

At the same time, the average price for both condos and residential buildings rose by four percent, reaching $395,000 and $739,500 respectively.

Active property listings for February jumped by 18 percent compared to the previous year to 18,110, while new listings rose by 32 percent to 6,769.

Charles Brant, Market Analysis Director at QPAREB, said the increase in active listings in the market “was quickly absorbed by strong demand.”

Brant described this as “a dynamic start to the year” in terms of sales activity, which he attributes to factors such as continued immigration flows since the end of the pandemic and optimism ahead of expected interest rate cuts from the Bank of Canada later this year.