Real estate Montréal : Real estate statistics July 2024

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August 14, 2024

Real estate Montréal : Real estate statistics July 2024

Main information:

Sales up: 1,324 transactions, up 11% on June 2023.
Median price: Condominiums up slightly (+2%), while plexes show a more marked increase (+9%).
Sales time: Single-family homes sell in 59 days on average, one day less than the previous month.
Breakdown of sales: Condominiums dominate with 57% of transactions.
New listings: +13% compared with July 2023, with 2,113 new properties on the market.

Montreal real estate market, July 2024

This month’s statistics reveal increased vitality, with rising transactions and renewed interest in condominiums and plexes. While prices are stabilizing in some categories, others are seeing significant increases, reflecting growing demand.

The market is adjusting, and these figures are essential for anyone wishing to understand trends and make informed decisions.

Dive into the details to anticipate market movements and seize the best opportunities!

The data presented here comes from the official website of the Association professionnelle des courtiers immobiliers du Québec (APCIQ).

Time needed: 10 minutes

Real Estate Market Analysis – July 2024, Montreal
Montreal Property Sales Prices – July 2024
Deadline for selling properties in Montreal – July 2024
Breakdown of Montreal Real Estate Sales – July 2024
Montreal listings and sales volumes – July 2024

Real Estate Market Analysis – July 2024, Montreal

The Montreal real estate market continued to grow in July 2024, consolidating the gains made during the spring.

Indicators show a significant increase in transactions, up 11% on the previous year, signalling renewed interest from buyers. This momentum is fuelled by a favourable economic climate, with the Bank of Canada cutting interest rates for the second time, and an influx of listings onto the market, which rose by 13%. Financing conditions remain advantageous, encouraging more acquisitions and reinforcing market vitality.

Discover July’s statistics in an infographic:

In July 2024, the Montreal real estate market continued to stand out for its dynamism. Median property prices showed an interesting variation, with a slight decrease for single-family homes, while plexes and condominiums saw their prices increase. This diversity of trends reflects a market on the move, where opportunities abound for buyers and investors alike.

The average selling time has increased slightly for condominiums and plexes, but single-family homes are selling faster, underlining the continuing attractiveness of this type of property.

Discover our monthly real estate statistics in infographics:

Discover the complete APCIQ report for July 2024

Discover our analysis of August 2024 statistics.

Performance of different property types

Unifamily home

In July 2024, sales of single-family homes showed notable stability, with a median price of $750,000, a slight decrease of 1%. Sales times for this segment decreased slightly, confirming the continued attractiveness of these properties for families seeking stability.

Condominiums

The median price of condominiums rose by 2% to $459,950. Although selling times increased slightly, demand remains strong, with an increase in listings, reflecting a growing supply to meet sustained buyer interest.

Plexs (2-5 units)

Les plex se démarquent, avec un prix médian en hausse de 9 %, à 833 000 $. Les délais de vente ont légèrement augmenté, mais ce type de propriété demeure une option intéressante pour les investisseurs à la recherche d’un rendement stable.

“The market is showing remarkable resilience, with growth varying by segment. Single-family homes still attract families, condominiums appeal to a broad base of buyers, and plexes remain a safe bet for investors. This diversity testifies to the overall health of the Montreal market.”

Kyle Shapcott – Leader in real estate

Montreal Property Sales Prices – July 2024

The Montreal real estate market showed signs of stability in July 2024, with moderate price fluctuations in the various segments. This stabilization reflects a well-balanced market, where demand remains strong.

Price stabilization

Property prices in Montreal continue to stabilize, with moderate increases demonstrating steady, sustained demand.

Property type	Median Price (July 2024)	Change compared with 2023	Comments
Unifamily home	750 000 $	-1 %	Slight decline, but still popular with families.
Condominiums	459 950 $	+2 %	Attracting a wide range of buyers, sustained demand.
Plex (2-5 units)	833 000 $	+9 %	Reflects strong investor interest in rental income.

Unifamily home

The median price for single-family homes reached $750,000, with a slight decrease of 1% on the previous year. This stabilization of prices reflects a mature market where supply and demand are in balance, with continued strong interest from buyers, particularly families, for this type of property, which remains highly sought-after on the island of Montreal.

Condominiums

Condominiums continue to play a central role in the market, with a median price of $459,950, up 2% on the previous year. This segment attracts a variety of buyer profiles, thanks to its relatively affordable prices and locations, often in the heart of the island or in sought-after neighborhoods.

Plex (2-5 units)

Plexes posted a notable 9% increase, with a median price of $833,000. These properties remain very attractive to investors due to their potential rental income, reinforcing their position in the market.

Deadline for selling properties in Montreal – July 2024

The month of July 2024 showed some interesting developments in property sales times in Montreal, highlighting a real estate market on the move. These variations in selling times offer a glimpse of the current competitiveness and speed with which real estate is being transacted.

There has been a slight increase in sales times in some segments, while others, such as single-family homes, continue to sell faster, reflecting sustained demand and an active market.

Unifamily

The average sales time for single-family homes in July 2024 fell slightly to 59 days, compared with 61 days the previous month.

This reduction, albeit modest, testifies to the sustained interest of buyers in this type of property, particularly families looking to settle in before the start of the school year. The single-family home market remains buoyant, bolstered by still-favorable financing conditions, including the Bank of Canada’s recent interest rate cut.

Condominiums

For condominiums, the average sale time increased to 68 days, up 6 days on the previous month. This slight increase could be attributed to a greater supply on the market, although demand remains constant. Buyers continue to prefer condominiums for their diversity and accessibility, keeping the market relatively stable.

Plex (2-5 units)

The average lead time for plexes also increased slightly, reaching 75 days. Although this type of property requires a more substantial investment, it remains attractive to investors because of its rental income potential, supported by the attractiveness of the city of Montreal. This slight increase in selling times could indicate a certain caution on the part of buyers in the face of a changing market.

“The sales delays we’re seeing this summer reflect a market in the process of rebalancing. Despite some slight increases, buyers and investors remain active, taking advantage of the opportunities still available in the Montreal real estate market.”

Valérie Lacasse, leader in real estate

In conclusion, Montreal’s July 2024 sales times testify to a robust and dynamic real estate market. Buyers and sellers can look forward to efficient transactions and attractive opportunities in the weeks and months ahead.

Breakdown of Montreal Real Estate Sales – July 2024

The breakdown of real estate sales in Montreal in July 2024 continues to reflect buyers’ preferences, with a marked predominance of condominiums, followed by single-family homes and plexes.

This breakdown sheds light on local market dynamics and consumer choices, influenced by various economic and social factors.

Condominiums

Condominiums accounted for 57% of real estate transactions in July 2024, confirming their position as market leaders. Their popularity is reinforced by their affordability, often central location, and minimal maintenance requirements. In July, the median price of condominiums was $459,950, a slight increase of 2% over the previous year.

Unifamily

Single-family homes accounted for 29% of sales, attracting mainly families looking for extra space and privacy. These properties remain in high demand in residential neighborhoods offering quality surroundings and attractive services. In July 2024, the median price of single-family homes reached $750,000, marking a slight decrease of 1% on the previous year.

Plex (2-5 units)

Plex (2-5 units) Plexes account for 14% of transactions, underlining their continuing popularity among investors seeking rental income. These properties offer an attractive opportunity to combine investment and personal living. In July 2024, the median price of plexes rose by 9% to $833,000.

The breakdown of real estate sales in July 2024 shows a diversified and dynamic market. With favorable economic conditions and sustained demand, buyers and investors can find opportunities in the various market segments.

Every month, we present our analyses of real estate statistics for the Montreal market:

Montreal listings and sales volumes – July 2024

The Montreal real estate market continues to show strong vitality in July 2024, illustrated by increases in both new listings and sales volume.

These indicators confirm buyers’ and sellers’ confidence in the local market.

New Listings on the Montreal Real Estate Market – July 2024

The month of July 2024 marked a notable increase in new listings on the island of Montreal, with a total of 2,113 new listings, up 13% on July 2023.

This increase reflects homeowners’ growing optimism about a dynamic real estate market, encouraged by favorable conditions. New listings reflect sellers’ confidence in the market’s ability to absorb this increased supply.

Montreal Real Estate Market Sales Volume – July 2024

Sales volume on the Island of Montreal reached CAD 930,332,371 in July 2024, representing an 11% increase over the same period last year.

This significant increase illustrates the continuing strength of the Montreal real estate market, supported by solid demand and favourable economic conditions. This strong sales momentum underscores the continuing appeal of the Montreal real estate market, despite the current economic challenges.

Montreal Real Estate Market Analysis and Trends – July 2024

In July 2024, several factors continued to support the positive momentum of the Montreal real estate market. The recent drop in interest rates has boosted buyer confidence, making financing conditions more attractive. Combined with the approach of the back-to-school season, this has boosted demand, particularly for families looking to relocate before the end of the summer.

In addition, housing policies, notably the increase in new construction, have also played a key role, offering buyers more choice while helping to stabilize prices.

These factors, combined with favorable seasonality, have enabled the Montreal real estate market to continue to grow in a stable and resilient manner, offering attractive opportunities for buyers and investors.

Conclusion

The Montreal real estate market in July 2024 has demonstrated its strength and resilience. With stable prices, shorter selling times, and an increase in listings and sales volumes, the market continues to show positive signs.

The combination of lower interest rates, favorable back-to-school seasonality and effective housing policies has created a favorable environment for real estate transactions. Buyers, investors and sellers alike are benefiting from a positive dynamic that should continue in the months ahead.

To maximize your real estate opportunities, put your trust in our team of real estate brokers in Montreal. Nos experts sont là pour vous guider à chaque étape de votre projet.

Kyle Shapcott

kyle@equipels.com

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Kyle has been an expert on the real estate market for over 10 years. He is passionate about Montreal and the city’s real estate sector, and regularly shares his analysis and advice in his articles.

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