The housing market in the Montreal metropolitan area showed growth when comparing April 2024 to April 2023, with rising sales and new listings.
Total Residential Market
Sales
Total sales in April 2024 reached 4,688, marking an increase of 954 sales or a 26% rise from the April 2023 sales. For year-to-date (YTD) data for 2024 compared to 2023, the total sales for the year up to April 2024 amounted to 15,060, which was an increase of 2,647 sales or a 21% rise from the same period in 2023.
Listings
Active listings in April 2024 numbered 18,932, or 3,027 more than the 15,905 listings in April 2023, reflecting a 19% increase, for more new options available for potential buyers. Active listings YTD in 2024 were 17,909, up 16% from the 2023 YTD listings.
New April listings saw a similar rise, with 7,099 new listings in April 2024 compared to 5,332 in April 2023, for an increase of 33%. New listings for the year to date also experienced a notable increase, up 23% from the YTD numbers in April 2023.
Market by Housing Type
Single-Family Homes
In April, monthly single-family home sales in Montreal increased year-over-year by 24% in 2023 to 2,438 in 2024. The number of active listings also saw a significant increase, up 20% from April 2023 to 8,216 in April 2024. The median price for single-family homes rose 7% year-over-year to $575,000 in April 2024.
April year-to-date statistics show that single-family home sales increased by 21% to 7,883 in 2024. Active listings for single-family homes rose 17% to 7,841. The median price also rose 6%, to reach $560,000.
Condos
Condominium sales surged 26% year-over-year, with 1,814 units sold in April 2024 compared to April 2023. Active listings for condos increased by 20% to 8,028. The median price increased slightly by 3% to $400,598.
Condominium sales year-to-date surged by 20%, with 5,903 units sold in 2024. Active listings for condos rose 17% to reach 7,534. The median price for these properties increased by 4%, reaching $398,000.
Multiplexes
April monthly sales of plexes of two to five units jumped by 34% compared to April 2023, with 433 units sold in April 2024. Active listings for these properties increased by 13% to 2,628. The median price rose 4% to $754,000.
Year-to-date, sales rose 29%, with 1,265 units sold. Active listings increased by 9% to 2,476. The median price was $750,000, for an increase of 7% compared to the same period in 2023.
Quarterly Metrics for the Montreal Metropolitan Area: Q1 2024
Metrics by Property Type
Sales of single-family homes rose by 21%, with median prices going up by 5%. Active listings for these homes saw a 7% increase.
Condominium sales went up by 17%, with median prices increasing by 4%. Active listings for condos climbed by 16%.
Sales of multiplex homes jumped by 28%, with median prices rising by 6%. Active listings for these properties increased by 9%.
Employment
The Q1 2024 unemployment rate was 5.7%, up from the Q1 2023 rate of 4.8%.
Consumer Confidence
Consumer confidence increased slightly, from 8% in Q1 2023 to 9% in 2024, as based on those who felt now was a good time to buy.
Rent
Proportion of renters for Q1 2024 was 45.6% renters to 54.4% owners. The vacancy rate was 1.5%. The average rent for this period was $1,096.