Real estate Montréal : Real estate statistics August 2024
Real estate Montréal : Real estate statistics August 2024
Main information:
- The Montreal real estate market progressed with an 8% increase in sales in August 2024 compared to the previous year.
- Sales volume reached $794.1 million, an increase of 10%.
- Condominiums saw a 2% price increase, with a median price of $460,000.
- Plexes continue to grow, up 4% to a median price of $810,000.
- Active listings increased by 17%, offering buyers an abundance of inventory.
The month of August 2024 marks a notable advance in the Montreal real estate market, with an 8% increase in sales compared to the previous year. Despite a historically weak August on the market, and notable fluctuations in prices and selling times, demand for condominiums, single-family homes and plexes remains strong.
This month shows a balance between increased listings and sales, combined with the easing economic context which should sustain demand until the end of the year.
Let’s take a closer look at this month’s statistics.
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- Montreal real estate market August 2024
- Montreal Property Sales Prices – August 2024
- Deadline for selling properties in Montreal – August 2024
- Breakdown of real estate sales in Montreal – August 2024
- Montreal listings and sales volumes – August 2024
- Analysis and trends in the Montréal real estate market – August 2024
Montreal real estate market, August 2024
Watch Kyle’s analysis on video!
The Montreal real estate market in August 2024 continues to show positive signs as the economic context improves. The total number of transactions rose by 8%, with a total of 1,128 sales on the Island of Montreal. Sales volume also grew, reaching $794.1 million, up 10% on the previous year.
At the same time, there was a 17% increase in active listings, reflecting a growing supply of properties on the market and sellers still convinced by the good market conditions. However, there was still a 2% drop in new listings, which could be attributed to the historically weaker August market.
The average sales time for single-family homes rose by 5 days to 64 days, an indicator of a slowdown in transactions, or simply of players taking longer to make decisions in anticipation of possible future rate cuts. Median prices remain relatively stable, with a slight 1% drop for single-family homes, while condominiums saw a slight increase of 2%, and plexes a 4% rise, a sign of the market’s vitality.
The highlighted data comes from the APCIQ. Click here for the full report.
Read our monthly real estate statistics on our blog :
- Real estate Montreal : Real estate statistics November 2024
- Real estate Montréal : Real estate statistics October 2024
- Real estate Montréal : Real estate statistics September 2024
Montreal Property Sales Prices – August 2024
The month of August 2024 showed interesting price fluctuations for different property categories on the island of Montreal. Here’s a summary table of median prices by property type.
| Property type | Media price – August 2024 | Annual variation |
|---|---|---|
| Unifamily home | 730 000$ | -1% |
| Condominiums | 460 000$ | +2% |
| Plex (2-5 units) | 810 000$ | +4% |
Single-family homes are down slightly by 1%, with a median price of $730,000. This decline, albeit slight, can be explained by a combination of factors, such as an inventory and supply that has reached maturity in relation to demand, or a price that is balancing out after successive rises in recent months.
The expectation of lower interest rates has also held back some potential buyers, which could contribute to this slowdown, but this delta should ease in the coming months once the cut is announced.
On the other hand, condominiums continue to perform well, with a 2% increase in median price to $460,000. This confirms the strong demand for more affordable housing in urban centers, where flexibility and lower maintenance costs attract a wide range of buyers, particularly young professionals and first-time buyers looking for a first property as a primary residence.
Finally, plexes (2 to 5 units), which represent a solid investment, recorded a significant increase of 4% to reach $810,000. This segment continues to attract a great deal of interest, especially as rental income helps to offset rising financing costs. The need for greater financial security when purchasing real estate favors this category, seen as a safe haven for investors.
“The market is showing signs of stabilization, particularly for single-family homes, where supply is beginning to match demand after several months of increases. Buyers are anticipating a further drop in interest rates, which should revitalize this segment in the months ahead. Condominiums and plexes, meanwhile, continue to attract a large number of investors and buyers, particularly thanks to their profitability and affordability.”
Kyle Shapcott – Leader in real estate
Deadline for selling properties in Montreal – August 2024
The time it takes to sell properties in Montreal increased in August 2024, reflecting a period of adjustment and waiting in the market.
– Single-family homes and condominiums: Average selling time rose to 64 days, up 5 days on last year. This extension can be explained by the extensive supply on the market, buyers’ expectations of a further fall in interest rates, while maintaining their interest in these properties, particularly on the outskirts of the city.
– Condominiums: Sales lead times have also risen, to 64 days (+5 days). This increase remains under control, as condominiums continue to attract young buyers and investors looking for more affordable, lower-maintenance properties, particularly in central neighborhoods.
Plex (2 to 5 units): With an average selling time of 92 days, an increase of 24 days, this segment recorded the biggest increase. The complexity of transactions, linked to financing and rental profitability, means that investors have longer to think about them, despite the continuing appeal of these properties, especially in a context of anticipation of better loan conditions.
“The increase in selling times can be attributed not only to the expectation of lower interest rates, but also to a very rich inventory on the market, offering buyers more choice. This abundance of properties, particularly in the single-family and plex segments, is lengthening the decision-making process. However, this phenomenon remains temporary, and we expect activity to pick up again by the end of the year.”
Kyle Shapcott – Leader in real estate
Breakdown of real estate sales in Montreal – August 2024
In August 2024, real estate sales in Montreal show a clear split between different property types, each reflecting unique market dynamics:
Condominiums still dominate the market, accounting for around 56% of total sales. Their popularity is underpinned by steady demand from young/first-time buyers and investors, particularly in central neighborhoods where these properties offer financial flexibility and greater accessibility.
Single-family homes, although down with 28% of transactions, continue to attract customers seeking space and stability, mainly families and more traditional buyers. However, this segment has seen a slowdown, partly due to more abundant supply and prices stabilizing after successive increases.
Finally, plexes (2 to 5 units) account for 16% of sales. This type of property continues to appeal to real estate investors, thanks to the security offered by Montreal’s rental market. Rental income enables investors to offset the higher purchase costs in this segment, reinforcing their appeal despite a longer sales lead time.
In conclusion, the breakdown of sales in Montreal in August 2024 shows a balanced market dynamic, with a strong dominance of condominiums and sustained interest in plexes as an investment. Single-family homes, although representing a smaller share, remain attractive, especially for families, with opportunities to be seized in the coming months thanks to price adjustments and abundant supply.
Montreal listings and sales volumes – August 2024
The month of August 2024 confirms an interesting dynamic on the Montreal real estate market, with an increase in listings and a marked rise in sales volume. This context shows the balance between growing supply and constant demand, despite a slight drop in new registrations.
| Statistics | August 2024 | Annual variation |
|---|---|---|
| Active listings | 8 800 | +17% |
| New listings | 2 031 | -2% |
| Sales volume | 794,1 M$ | +10% |
August 2024 reveals a slight increase in active listings in Montreal, with a total of 8,800 listings, up 17% on the previous year.
This reflects a market where supply continues to grow, offering more options to buyers, despite what is usually a quiet period.
However, there was a 2% drop in new registrations, which is usual for this quieter summer period. In terms of sales volume, Montreal recorded $794.1 million in August, a notable 10% increase over the previous year. This increase is due to stable prices and sustained demand, particularly in the condominium and plex segments.
In short, with a growing inventory and solid sales volumes, Montreal is gearing up for a busy final quarter. The expectation of a further fall in interest rates could accelerate transactions in the coming months, offering opportunities for both buyers and investors.
Analysis and trends in the Montréal real estate market – August 2024
The combination of increased supply and the prospect of a further fall in interest rates could create a favorable dynamic between now and the end of the year.
While inventory remains abundant, buyers continue to take their time, particularly in the single-family home and plex segments. However, the market looks set for a more pronounced recovery as soon as a rate cut is officially announced, which should stimulate new transactions, particularly in segments with high demand.
With sales volume up 10% and active listings up 17%, Montreal is gearing up for a dynamic final quarter, offering interesting opportunities for investors and buyers looking for real estate.
Conclusion
August 2024 confirms positive momentum for the Montreal real estate market, despite some slowdowns in certain segments.
The increase in sales and overall volume, combined with a rising supply, augurs a lively end to the year, particularly with the expectation of a further fall in interest rates. Condominiums remain the preferred choice for buyers, while plexes continue to attract investors. Single-family homes, although marked by a slight drop in prices, continue to attract families in search of stability. Montreal is gearing up for an active and promising period at the end of 2024.
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