Montreal real estate statistics February 2024

February 2024 was a very dynamic month on the Montreal real estate market, confirming the analyses of market experts and our team, who at the beginning of the year were already predicting a market recovery and sustained growth this year. Read our detailed analysis of the latest real estate market statistics for February 2024, as well as our forecasts for the end of the quarter and the next one to come.

The real estate data and statistics presented in this article come from the APCIQ website.

Real estate market analysis – February 2024, Montreal.

The Montreal real estate market continues to grow in February 2024. Following the month of January 2024, which showed the first signs of market recovery after a “pivotal” year in 2023, statistical indicators point to good economic health in the sector and a return of buyers to the market, taking advantage of favorable conditions.

The strong growth in sales (+40%) compared to the same period last year bears witness to the resumption of growth in the sector, underpinned by more flexible macro-economic conditions and easier access to financing for buyers. These factors give market players greater flexibility and strength, enabling them to carry out the best transactions, at the right prices and under the right conditions.

Discover the latest February statistics in an infographic:

Discover our analysis of :

• Real estate statistics for March 2024.
• Real estate statistics for April 2024.
• Real estate statistics for May 2024.
• Real estate statistics for June 2024.
• Real estate statistics for July 2024.
• Real estate statistics for August 2024.

Montreal property sales prices – February 2024

The increase in sales in February 2024 is accompanied by a rise in sales prices for all types of property on the market, without exception.

This increase, anticipated by our team from the start of the year, is a natural phenomenon given the resumption of market growth, which is inevitably accompanied by price rises to support this growth.

These indicators confirm advanced growth for 2024, and should continue to rise over the coming months as market momentum continues. Market prices are currently still low, and should continue to rise over the coming months.

For each market profile, the situation remains advantageous:

• For sellers, the rise in median prices enables them to realize a significant capital gain on the sale price of their property, ensuring them a tangible gain in money.
• For buyers, the extensive inventory and still relatively low prices offer unique opportunities to position themselves on properties that match their criteria, while taking advantage of favorable market conditions.

Deadline for property sales in Montreal – February 2024

There has also been a significant reduction in average time-to-market.

This indicator, which is extremely important for understanding market volatility and dynamics, also confirms the sector’s renewed enthusiasm and growth, with lead times falling significantly.

We note :

• An average drop of 16 days for single-family properties.
• An average reduction of 18 days for condominiums.
• An average drop of 16 days for plexes.

These significant declines reflect a much shorter time-to-market for all property types than in the previous month, testifying to a strong return to the market by buyers, who are gradually regaining their strength to assert their interests in the market.

Pricing has played a decisive role in recent property sales and market delays. Properties that have adopted a good pricing strategy experience a very low time-to-market and a strong attraction from buyers who position themselves in a short time on a targeted property.

Kyle Shapcott

Breakdown of real estate sales Montreal – February 2024

When we look at the breakdown of sales on the Montreal real estate market in February, we see that, as in the previous month, condominiums accounted for the majority, representing 57% of sales last month. This type of property, highly appreciated by the market, remains the flagship product for buyers, and has historically been the leading type of property in the Montreal area.

Plexes and single-family homes accounted for 15% and 28% of sales respectively in February. These types of property still account for a significant share of the market and are highly attractive to buyers.

Registrations and sales volumes Montreal – February 2024

Finally, to fully understand the economic health of the market, it is essential to look at new listings and sales volumes in the sector.

Reflecting market growth, the number of listings this month rose by +27%, following an initial significant increase of +24% in January 2024. This growth in the number of listings is excellent news for the market, reflecting continued growth and renewed confidence on the part of sellers, given the easing economic climate and currently favorable prices.

Sales volumes also grew significantly, by +49% in February. This impressive statistic is further proof of the market’s economic recovery, and that growth this year is likely to exceed forecasts.

Read the full analysis and our forecasts for the Montreal real estate market in 2024 in our blog.

Conclusion

The statistical analysis for February is very encouraging for the market, with all indicators on the rise. Rising sales, coupled with rising prices and shorter average time-to-market, are signs of a market in good economic health.

The significant growth in listings and sales volumes also testifies to strong market traction and renewed confidence on the part of both sellers and buyers.

To make your real estate projects a reality and successfully navigate the market, put your trust in the best team of real estate brokers in Montreal.

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