Montreal real estate market analysis – January 2024
In January 2024,the Montreal real estate market underwent significant changes, revealing trends that we were able to identify and that confirm current opportunities for buyers and good activity for sellers. This detailed analysis deciphers the latest market data, offering a clear perspective on price trends, transaction volumes and much more.
Data taken from the APCIQ website.
Table of contents :
- Market trends
- Property sales prices Montréal 2024
- Deadline for selling Montréal 2024 properties
- Sales breakdown
- Market entries
- Kyle analysis
Analysis of the Montreal real estate market in January 2024
The Montreal real estate market is in real transition as we enter January 2024. After a rather stable 2023, a new craze is emerging on the market with the return of buyers and a growing inventory.
The growth in sales demonstrates that the market has regained momentum this year, and that macro-economic conditions are improving and will continue to do so, enabling buyers and sellers to build up their assets.
In few words :
- Sales were up 8% on January 2023.
- Median prices are also rising, except for plexes.
- New listings and sales volumes return to growth
Discover the latest statistics in an infographic:
Montreal property sales prices – January 2024
While sales rose in the first month of the year, median prices for all property types also increased (except for plexes).
The market’s recovery was therefore not long in coming, as we are already seeing the first signs of growth that will delight buyers and sellers alike, thanks to a win-win situation.
For each market profile, the situation is positive:
- Sellers, thanks to the rise in median prices, will be able to realize a greater capital gain on the resale of their property.
- Thanks to a well-stocked inventory and still-low prices, buyers can acquire dream properties at a good price and take advantage of future interest rate cuts.
You can save thousands of dollars by positioning yourself on a property now, and taking advantage of future lower interest rates when you finance.
Kyle Shapcott
Property sales lead times Montreal -January 2024
Sales lead times remain stable, despite a slight increase in January. This stabilization is mainly due to the growth of inventory on the market, which offers buyers a wide range of properties and therefore a more accurate comparison between each one.
Where a few months ago a buyer might have selected one or two properties for his investment, today he can study many more and compare the different options and advantages of each. This inevitably adds time between selection and decision-making.
To find the best opportunities, follow Valérie’s advice:
Urgent sales and properties that have been on the market for a long time offer attractive negotiation opportunities.
Valérie Lacasse
Breakdown of sales on the Montréal real estate market – January 2024
As regards the breakdown of sales, we note a strong trend towards condominium-type properties, which accounted for 59% of salesin January. This type of property, still very much in vogue on the market, is experiencing strong growth in its appeal, attracting more and more buyers looking to acquire their first property or make their first profitable investment.
Single-family homes and plexes also maintain a solid share of the sales mix, and remain highly sought-after property types on the island of Montreal.
Listings and sales volumes Montreal real estate market – January 2024
Reflecting the sector’s economic recovery, the number of listings rose by 24% this month, compared with January 2023, reaching a total of 2,215. This increase is reflected in sales volumes, which reached over 441 million in January alone.
These indicators confirm that the market is recovering, as we anticipated it would, and therefore presents a unique opportunity for buyers to make a profitable investment and save thousands of dollars.
To find out how to make this profitable investment, consult our 2024 real estate purchasing strategy.
Analysis of market statistics
These figures inevitably confirm the upturn in the Montreal real estate market. After a “pivotal” year in 2023, marked by a stabilization of the sector and the first signs of recovery at the end of the year, the trend is confirmed and we can already see the statistics pointing to a favorable market recovery.
It’s already the right time to enter the market and make a profitable investment by following our buying strategy.
See our latest statistics and market analysis:
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To realize your real estate projects, contact the best team of real estate brokers Montreal.
