Montreal Real Estate Statistics – March 2024
Montreal Real Estate Statistics – March 2024
Key facts:
- The Montreal real estate market has continued to grow since the beginning of the year.
- Sales prices stabilized in March.
- We are seeing a reduction in time-to-market.
- Condominiums continue to dominate sales by property type.
- Rising listings and sales volumes testify to the market’s growth.
- Steady interest rates and seasonality are having a positive impact on the market for both buyers and sellers.
The month of March 2024 continues to see good momentum in the Montreal real estate market. This confirms our market forecasts and those of leading analysts on the resilience and optimism of the sector’s growth in 2024.
Read our detailed analysis of March statistics, from market conditions to key volatility indicators, for a comprehensive look at the Montreal real estate market.
The data and statistics presented in this article are from the APCIQ website.
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Table of contents :
- Montreal real estate market, March 2024
- Montreal property prices – March 2024
- Property sales deadline Montreal – March 2024
- Property sales deadline Montreal – March 2024
- Breakdown of real estate sales Montreal – March 2024
- Registrations and sales volumes Montreal – March 2024
Montreal real estate market, March 2024
The Montreal real estate market performed well again in March. After a pivotal 2023, which showed the first signs of growth in the final quarter, the good momentum is continuing, and the healthy indicators for January and February 2024 are continuing on the market.
Beyond the figures, there is growing attractiveness among buyers and marked optimism among sellers, boosted by stable interest rates. These steady rates have created a favorable psychological threshold for buyers, making them more inclined to adapt to this new economic reality and return to the market. What’s more, the combination of an upward trend in prices and the historically strong spring season contributed significantly to the enthusiasm and presence of sellers, and to the good performance of the Montreal real estate market.
The growth of the Montreal real estate market can be explained by, among other things :
- Interest rates that are validated by buyers who return to the market under these conditions.
- The spring season is a historically strong one for the real estate market, as confirmed by the March statistics.
- Market prices remain high and sales times stable, encouraging sellers to put their properties on the market.
Discover the real estate statistics for March in an infographic:
Even more statistics available every month:
Discover our latest analysis of real estate statistics for May 2024, and those for July 2024, and August 2024.
Montreal property prices – March 2024
After a month of rising prices in February, the market seems to have stabilized in March.
In fact, the market is almost at equilibrium compared with the previous month, marked by slight price variations. In fact, the market is almost at equilibrium compared with the previous month, marked by slight price variations. The rise in prices observed in February was naturally correlated with the economic recovery of the real estate market, and while we are seeing a return of buyers, they remain sensitive to selling prices and their presence is naturally pulling the market towards a fall in prices.
As interest rates around 5% seem to be the threshold for re-engaging buyers, I expect a gradual recovery rather than the volatile fluctuations seen in the past.
Kyle Shapcott
Main price indicators for the Montreal real estate market in March 2024 :
- Sales prices for condominiums and single-family homes fell by 1% compared with February 2024.
- Plex sales prices have stabilized at the same level as last month.
Thus, the increase in sales and market growth had no impact on selling prices this month, which were very close to those recorded in February. This stabilization of prices demonstrates the confirmed return of buyers to the market, which naturally exerts downward pressure on prices. It’s also a good time for sellers to take advantage of Montreal’s current high prices, while boosting their chances of finding a buyer thanks to the resurgence of real estate buyers.
Property sales deadline Montreal – March 2024
The statistics show a reduction in sales lead times on the market this month.
While we were approaching 2 months on the market in February for certain types of property, March brought a pleasant surprise with a relatively shorter time-to-sale. This drop is largely due to the return of buyer confidence to the market, naturally reducing the duration of properties on the market, as well as to the current season, which is beginning, historically positive on the market and conducive to the realization of beautiful real estate projects.
In terms of statistics, we find the following data:
- An average 10-day drop in the market for single-family homes.
- An average 2-day drop in the condominium market.
- Stabilization of time on market for plexes.
In my experience, properties in my inventory have remained on the market for weeks without visits, mainly because they were overvalued by 3 to 5%.
Kyle Shapcott
Breakdown of real estate sales Montreal – March 2024
There were no significant changes in the breakdown of sales by property type in March.
Condominiums continue to dominate the market (55%), followed by single-family homes (29%) and plexes (16%). This distribution is almost identical to those observed since the beginning of the year.
Here are the distribution statistics by property type:
- Condominiums accounted for 55% of total sales in March 2024.
- Les propriétés de type unifamiliale représentent 29% de la répartition des ventes totales en mars.
- Finally,plexes accounted for 19% of total sales in March.
Registrations and sales volumes Montreal – March 2024
Finally, listings and sales volumes naturally rose in March, in line with the current market dynamism.
As might be expected from the above-mentioned indicators, listings and sales volumes also rose significantly in March. This growth testifies to the sound economic health of the market and the continuing strong presence of sellers at this time of year. With shorter selling times, persistently high market prices and a strong buyer presence, the situation remains favorable for sellers, who are taking advantage of these conditions to enter the market and boost sales volumes and listings.
The real estate market in March 2024:
- A 6% increase in new registrations, amounting to 2,912 in March 2024.
- A significant 16% increase in sales volumes by March 2024.
Read the full analysis and our forecasts for the Montreal real estate market in 2024 in our blog.
Conclusion
In conclusion, the Montreal real estate market continues to show remarkable strength at the start of the year, consolidated by positive indicators for March 2024. Stabilized sales prices, shorter lead times and sustained growth in listings and sales volumes testify to the market’s healthy, balanced dynamics.
Buoyed by stable interest rates and a spring season traditionally conducive to transactions, this period offers optimal conditions both for buyers, who find this stability a reassuring psychological threshold for making their plans a reality, and for sellers, encouraged by a receptive and dynamic market.
These factors illustrate the continuing confidence of market players in Montreal’s real estate potential. As the year progresses, the trends observed in March point to continued growth and market resilience, in line with the optimistic forecasts for 2024.
Montreal’s real estate market, rich in opportunities and transformations, continues to capture the attention of investors, buyers and sellers, promising interesting prospects for the months ahead.
To make your real estate projects a success, put your trust in our team of Montreal real estate brokers.
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