The real estate brokers on our team have analyzed the APCIQ’s real estate statistics for October 2024, comparing them with those for October 2023, in order to observe trends and developments in the Montreal real estate market over the past year. For a clearer and more precise analysis, they chose to separate their observations into 3 main property categories: single-family homes, condominiums and plexes (2 to 5 units).
Single-family homes
Sales of single-family homes rose from 288 to 419, an increase of 45%. The average sale price also rose, from $695,000 to $797,750, an increase of 15%. Finally, the average selling time increased slightly, from 51 to 59 days.
Condominiums
Sales in the divided and undivided co-ownership sector were also up, from 537 to 794, an increase of 48%. The average price of condominiums also rose, from $451,000 to $478,950, an increase of 6%. Finally, the average sales time also increased by 5 days, from 57 to 62 days.
Plex (2-5 units)
Plexes represent the smallest increase. We note an increase of 26% compared with October 2023, representing a total of 240 sales rather than 191. In terms of price, there was a 9% increase, meaning that the median price of plexes rose from $775,000 to $845,000. Lastly, the average sales time increased by 10 days, from 57 to 67 days.
In short, the real estate statistics for October 2024 highlight the dynamism of the Montreal real estate market. This momentum is a result of the recent reduction in the key interest rate, announced by the Bank of Canada on October 23, which is stimulating activity in the real estate market. This effervescence is creating numerous opportunities for buyers and sellers alike. If you’re ready to make your project a reality, our real estate brokers are here to help you, whether you’re buying or selling a property.
