Real estate Montréal : Real estate statistics October 2024

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November 6, 2024

Real estate Montréal : Real estate statistics October 2024

Main information:

Increased sales and record volume: In October 2024, the Montreal real estate market recorded an exceptional sales volume, reaching $1.08 billion, an increase of 60% over the previous year. Demand remains buoyant, driven by favorable financing conditions.
Listing growth: New listings increased by 11%, offering buyers a wider and more diversified choice. With 2,596 active listings, the market offers an abundant and balanced supply.
Increase in median prices: Prices for single-family homes and plexes continue to rise, by 15% and 9% respectively. Demand for these types of properties remains strong, particularly for families and investors.
Slightly longer selling times: Although selling times have lengthened, buyers are adopting a more considered approach, encouraged by a greater variety of properties on the market.

The month of October 2024 reflects a Montreal real estate market in full swing. While economic conditions continue to fluctuate but remain favourable, the appeal of homeownership remains strong, with sales, listings and sales volume reaching record highs. The diversity of transactions shows a balanced market where condominiums dominate, accounting for more than half of all sales, while single-family homes and plexes continue to attract a wide audience.

Prices, meanwhile, continue to rise, particularly for single-family homes, which saw a significant increase (+16%), confirming significant demand despite a slight lengthening of sales times. This October picture suggests a resilient market, capable of adapting to current conditions while offering varied opportunities to buyers and sellers alike.

Let’s take a closer look at this month’s statistics.

Time needed: 5 minutes

Montreal Real Estate Market – October 2024
Montreal property sales prices – October 2024
Property sales lead times in Montreal – October 2024
Breakdown of real estate sales in Montreal – October 2024
Registrations and sales volumes in Montreal – October 2024
Analysis and trends in the Montréal real estate market – October 2024

Montreal Real Estate Market – October 2024

In October 2024, the Montreal real estate market is showing remarkable growth, continuing to captivate buyers and investors alike. This month, the total number of transactions reached 1,453 (+43% vs. October 2024), testifying to a lively market and sustained demand. The evolution of supply is also confirmed by an 11% increase in new listings, signifying a still very active selling force, and extending the options available to buyers for their acquisition opportunities.

Most remarkable is the sales volume, which reached an impressive $1.08 billion, up 60% on October 2023. This growth reflects a renewed confidence in Montreal real estate investment, with buyers seemingly always ready to capitalize on properties and seeing the sector as a sustainable and healthy investment for their future.

Longer sales times reflect the fact that buyers are thinking more carefully before making a purchase, and that a wide variety of properties are on offer, encouraging them to take their time before making an offer.

The increase in median prices also reveals the continuing rise in value of the Montreal market, confirming its attractiveness and its ability to adapt to the expectations of different buyer profiles, whether for primary residence or rental investment.

To sum up, October 2024 continues the trend of a dynamic and balanced market, where demand is holding up well in the face of expanding supply, suggesting a favorable climate for transactions in the months ahead.

Find out more about this month’s statistics in an infographic:

The data comes from the APCIQ (Association Professionnelle des Courtiers Immobiliers au Québec), see the full report here.

Read our monthly real estate statistics on our blog :

Montreal property sales prices – October 2024

As of October 2024, median property prices on the island of Montreal continue to rise, reflecting an increasingly attractive market from both a financial and quality-of-life perspective.

Property type	Median price – October 2024	Annual variation
Unifamily home	797 750$	+15%
Condominiums	478 950$	+6%
Plexs (2-5 units)	845 000$	+9%

Single-family homes rose sharply by 15%, reaching a median price of $797,750. This increase can be explained by the growing interest of families in acquiring this type of property as a first purchase or when their family situation changes.

Condominiums, always popular with young buyers and professionals, are up 6%, with a median price of $478,950. This segment remains attractive thanks to its flexibility, particularly in city centers, where the balance between supply and demand continues to support high prices. Condominiums are an accessible option for those looking for affordable home ownership and an urban lifestyle.

Finally, plexes continue to attract investors, with a 9% increase and a median price of $845,000. This type of property stands out for its potential profitability, attracting buyers looking for stable rental income. In an economic context where real estate assets are perceived as safe investments in the face of financial market volatility, plexes show long-term appreciation potential, reinforced by stable demand in Montreal neighborhoods.

All in all, prices for the various property categories are showing a clear and steady upward trend, supported by demand that is not weakening. This dynamic trend confirms the enduring appeal of the Montreal real estate market, particularly for investors seeking stability.

October was a very dynamic month on the Montreal market, helped by the easing of financing conditions and the continuing appeal of the city of Montreal, which is attracting more and more players and investors.

Kyle Shapcott – Leader in real estate

Property sales lead times in Montreal – October 2024

In October 2024, sales times for properties in Montreal were slightly longer, justified by the greater variety of supply on the market, which offers buyers more choice, and thus longer decision-making times. This trend bears witness to increased reflection, as the range of products on the market gradually expands.

Single-family homes: Average selling time rose to 59 days (+8 days). This extension can be explained by a growing supply that gives buyers more choice, encouraging them to wait for the right opportunity.
Condominiums: Condominium sales took 62 days (+5 days). Despite this slight lengthening, they continue to attract buyers due to their accessibility and central location, ideal for young professionals and investors.
Plex (2 to 5 units): For plexes, the time-to-sale is 67 days (+10 days). This increase reflects a more rigorous profitability analysis on the part of investors, who carefully evaluate opportunities before taking the plunge, particularly in the face of economic fluctuations.

Breakdown of real estate sales in Montreal – October 2024

The breakdown of real estate sales in Montreal in October 2024 reflects a well-defined market structure, with condominiums leading the way, followed by single-family homes and plexes.

This configuration, which has been relatively stable for several months, shows a diversity in demand, with each segment responding to specific needs and buyer profiles.

Condominiums: Still in the lead, condominiums accounted for 55% of total sales in October. Their popularity remains high, especially among young professionals and first-time buyers, who often prefer central neighborhoods. This segment continues to offer affordability and flexible options, contributing to stable demand in a market with many choices.

Single-family homes: Single-family homes account for 28% of all transactions. They attract a public in search of space and tranquility, mainly families and buyers looking for long-term stability. Rising prices in this segment show sustained interest in properties offering generous living spaces and quieter residential environments.

image couverture article types de propriétés immobilier montreal

Plex (2 to 5 units): Representing 17% of sales, plexes continue to appeal to investors, thanks to the rental income they generate and their medium-term yield potential. This type of property remains attractive despite high acquisition prices, because investors are looking for stable assets that can compensate for fluctuations in the financial market.

Registrations and sales volumes in Montreal – October 2024

One of the key factors in the market’s good health in October is the number of new listings, active listings and sales volume.
In October 2024, the Montreal real estate market is showing an increase in new listings, exceptional sales volume and growth in active listings.

Statistics	October 2024	Annual variation
Active listings	9 167	+11%
New listings	2 596	+11%
Sales volume	1 086 274 904 $	+60%

The number of new registrations totaled 9,167, up 11% on the previous year. This increase testifies to the diversity of properties available and offers buyers a wider range of choices, underpinning a market where supply is seeking to meet sustained, dynamic demand.

Registrations in force reached 2,596, also up 11%. This figure reflects an abundance of goods on the market, contributing to a balance between supply and demand. With this increase in active listings, buyers can consider their options with greater flexibility, while sellers benefit from a climate where demand remains robust, particularly in areas where property values continue to rise.

Finally, total sales volume reached a remarkable $1.08 billion, marking a 60% increase over the previous year. This spectacular increase testifies to buyers’ sustained interest in Montreal real estate investment. Single-family homes and plexes, particularly popular segments, contributed significantly to this increase, as their rising prices continue to attract families and investors.

In summary, October listings and sales volumes confirm a growing and dynamic Montreal real estate market. With an expanded supply and strong demand, Montreal continues to offer a market conducive to real estate transactions, attracting a wide range of buyers looking to take advantage of a resilient and growing market.

Analysis of real estate market trends in Montreal – October 2024

October 2024 marks an important period for the Montreal real estate market, with a notable increase in sales, sales volumes and listings. Several factors account for this momentum and the market’s continued resilience, each playing a key role in the continued appeal of Montreal real estate.

Buyer and investor confidence back on track

One of the driving forces behind this growth is the renewed confidence of buyers and investors. Despite an uncertain global economic environment, the real estate market is showing the stability and profitability that reassure investors. Real estate, and plexes in particular, are perceived as safer, less volatile assets than financial markets, especially in a city like Montreal where demand remains solid. This confidence encourages buyers to go ahead with their purchase plans, boosting transaction volumes.

Offer diversity and adapt to buyers’ needs

The increase in listings this month is in response to increased and varied demand. With a wide range of properties, from affordable condominiums to more spacious single-family homes, the market is succeeding in attracting a variety of buyer profiles, including families, young professionals and investors.

This context creates a balance that favors transactions, as each property segment responds to specific needs. This diversity of supply also helps to moderate price rises, preventing the market from overheating.

Stability and effects of mortgage reforms

Lastly, with the recent mortgage reforms, financing conditions remain relatively favorable, allowing buyers to envisage their project with a certain degree of serenity. These effects, supported by a likely second rate cut in the near future, are encouraging buyers to act on the market. The possibility of obtaining financing in a relatively predictable environment therefore helps to sustain the pace of transactions. Throughout the year, the Montreal real estate market also demonstrated its resilience and sustained appeal, attracting a wide range of buyer profiles.

Conclusion

The Montreal real estate market in October 2024 confirms its vitality and attractiveness, buoyed by rising listings, exceptional sales volumes and rising prices across all segments. Renewed buyer confidence, greater diversity of supply and favorable financing conditions are all factors supporting this dynamic, enabling the market to adapt to the varied expectations of buyers and investors.

While the next few months could see prices and selling times stabilize, Montreal’s resilience makes it a prime market for those wishing to invest. This favorable climate suggests a promising fourth quarter for players in the real estate market, offering attractive prospects for both primary residences and rental investments.

If you’re planning a real estate project, put your trust in our team of real estate brokers in Montreal.

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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