Real estate Montréal : Real estate statistics September 2024
Real estate Montréal : Real estate statistics September 2024
Main information:
- 19% increase in sales compared with September 2023.
- Median prices and selling times up in all market segments
- Sharp rise in inventory (+19%) and sales volumes (+29%)
- Market conditions and seasonality supported market growth in September.
September 2024 marked a new stage in the progress of the Montreal real estate market, with a 19% increase in sales compared to September 2023. Prices continue to rise, particularly for plexes (+7%) and condominiums (+4%), while sales times are slightly longer for all categories.
This final month of the third quarter confirms solid demand, particularly for condominiums, which account for 55% of transactions, followed by single-family homes and plexes. Total sales volume climbed 29%, showing a market in fine form despite uncertain economic conditions.
Let’s take a closer look at this month’s statistics.
Time needed: 10 minutes
- Montreal Real Estate Market – September 2024
- Montreal Property Sales Prices – September 2024
- Property sales lead times in Montreal – September 2024
- Breakdown of real estate sales in Montreal – September 2024
- Montreal listings and sales volumes – September 2024
- Analysis and trends in the Montreal real estate market – September 2024
Montreal Real Estate Market – September 2024
The Montreal real estate market in September 2024 continues to show signs of strength, with a significant 19% increase in sales compared to September 2023. A total of 1,195 transactions were recorded on the island of Montreal, confirming the healthy state of the market, supported by easing borrowing conditions and the historically dynamic September seasonality of the market, despite slightly longer sales lead times.
Sales volume also increased significantly, reaching $679.9 million, up 29% on the previous year. This performance demonstrates the continuing attractiveness of Montreal for buyers and investors.
At the same time, the number of active listings rose by 9%, with 2,692 new listings this month, illustrating the continuing abundance of supply. This gives buyers a wide range of choices, despite rising prices in certain property categories.
Lastly, the average selling time increased slightly, reaching 72 days for single-family homes (+13 days), 69 days for condominiums (+4 days) and 76 days for plexes (+2 days). This could indicate that buyers are taking more time to make their decision, particularly in anticipation of possible adjustments in interest rates and the expanded supply on the market offering buyers more time to think.
On the price front, median prices continued to rise, with increases of 5% for single-family homes, 4% for condominiums and 7% for plexes.
These figures show the stability of the Montreal market, particularly for investors looking for rental yields.
All in all, the real estate market is buoyed by growing demand, favorable economic conditions, and ideal momentum to support transactions.
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 :
- Real estate Montréal : Real estate statistics October 2024
- Real estate Montréal : Real estate statistics September 2024
- Real estate Montréal : Real estate statistics August 2024
- Real estate Montréal : Real estate statistics July 2024
- Real estate Montréal : Real estate statistics June 2024
- Real estate Montréal : Real estate statistics May 2024
Montreal Property Sales Prices – September 2024
September 2024 showed significant price increases for all property categories on the island of Montreal. Here is a summary table of median prices by property type:
| Property type | Median price – September 2024 | Annual variation |
|---|---|---|
| Unifamily home | 775 000 $ | +5% |
| Condominiums | 462 150 $ | +4% |
| Plex (2-5 units) | 845 000 $ | +7% |
Single-family homes saw a 5% increase, with a median price of $775,000. This rise can be explained by continuing demand, particularly from families looking to move home for the back-to-school period, and reassured by recent mortgage reforms making property ownership easier for first-time buyers.
On the other hand, condominiums continue to be a popular choice, especially for young professionals and first-time buyers. With an increase of 4%, the median price of condominiums reached $462,150, reinforcing their attractiveness on the island of Montreal. This rise can be explained by the attractiveness of the city, and of downtown in particular, where condominiums are concentrated, and also by the supply/demand balance tending to favor sellers, which is pushing prices up given the large presence of buyers compared to the still relatively low inventory on the market compared to demand…
Finally, plexes (2 to 5 units), which remain a preferred option for investors, recorded a 7% increase, reaching $845,000. This segment continues to enjoy sustained demand, as they represent a safe investment for buyers, who see opportunities for medium- and long-term profitability. Stock market uncertainties and fluctuations, exacerbated by global geopolitical and economic events, have also heightened the appeal of real estate.
These are seen as more resilient assets, capable of generating stable income over the medium to long term, particularly in Montreal, where demand remains strong and sustained by demographic growth.
“The Montreal real estate market remains solid, with notable price increases, particularly for plexes. Buyers continue to flock, stimulated by advantageous financing conditions and the momentum of September, which is historically a month of growth in the market. I see the market finishing the year with continued growth in the coming weeks.”
Kyle Shapcott – Leader in real estate
Property sales lead times in Montreal – September 2024
The time taken to sell properties in Montreal increased slightly in September 2024, a sign of a gradual market adjustment and a prolonged wait on the part of buyers.
- Single-family homes: The average sales time for single-family homes rose to 72 days (+13 days) compared with last September. The longer lead times are due to a gradually expanding supply, and the patience of buyers, who are waiting for potential opportunities linked to lower interest rates and inventory in the near future.
- Condominiums: Condominiums continue to attract buyers, but with slightly longer selling times, now at 69 days (+4 days). This moderate increase remains under control thanks to the attractiveness of this type of property in central areas, where it remains a popular choice for young buyers and investors looking for affordable, well-located, low-maintenance properties.
- Plex (2 to 5 units): Sales time for plexes increased by 2 days to 76 days. This segment, always in demand for its ability to generate rental income, is experiencing longer transaction times due to the complexity of financing and profitability analysis by investors. However, the market remains buoyant and continues to attract cautious investors looking for security and profitability.
“The increase in selling times reflects a longer cooling-off period among buyers, who are hoping to take advantage of an imminent fall in interest rates. This lengthening is not surprising given the increasing inventory on the market and the search for the best opportunities for buyers and investors.”
Kyle Shapcott – Leader in real estate
Breakdown of real estate sales in Montreal – September 2024
In September 2024, the breakdown of real estate sales in Montreal reveals a stable market dynamic, with a clear predominance of condominiums, followed by single-family homes and plexes.
Condominiums: Condominiums continue to dominate the market, accounting for 55% of total sales this month. Their popularity continues to be driven by demand from young buyers and investors, particularly in central neighborhoods where these properties offer affordability and increased flexibility.
Single-family homes: Representing 28% of transactions, single-family homes continue to attract customers looking for more space and stability, mainly families and more traditional buyers.
Plex (2 to 5 units): Plexes, which account for 17% of sales, remain a popular option for real estate investors. This type of property offers financial security, thanks in particular to Montreal’s dynamic rental market. Rental revenues offset the higher acquisition costs in this segment, consolidating their appeal despite slightly longer sales lead times.
In conclusion, the breakdown of sales in Montreal in September 2024 shows a balanced market, dominated by condominiums and market segments that are still well represented and stable in terms of distribution.
Montreal listings and sales volumes – September 2024
September 2024 confirms the positive momentum of the Montreal real estate market, with an increase in listings and a sharp rise in sales volume. This reflects a balance between growing supply and sustained demand, despite the caution of some buyers.
| Statistics | September 2024 | Annual variation |
|---|---|---|
| Active listings | 6 207 | +9% |
| New listings | 2 692 | +19% |
| Sales volume | 679,9 M$ | +29% |
In September 2024, the number of active listings rose by 9%, with a total of 6,207 listings. This reflects an expanding offer, with sellers confident about mometum and the market as a whole, giving buyers more choice in a market where demand remains high.
At the same time, new listings were up 19% on the previous year, reflecting sellers’ growing confidence in market conditions, encouraged by sustained demand and rising prices. The market seems to be at a virtuous crossroads, with increasing inventory, favorable financing conditions, rising prices and seller confidence.
All these factors create favorable market conditions for both buyers and sellers.
Finally, sales volume reached $679.9 million, marking a significant increase of 29%. This growth also testifies to the strength of the Montreal market, particularly in the condominium and plex segments, where transactions continue to drive overall volume.
To sum up, September 2024 shows an expansion in supply and a sharp rise in sales volume, supported by steady demand and stable prices. The Montreal real estate market continues to offer opportunities for buyers and investors, despite slightly longer selling times.
Analysis of real estate market trends in Montreal – September 2024
September 2024 confirms its strategic role in the Montreal real estate calendar, supported by marked seasonality and market conditions that favor both buyers and sellers.
Seasonality: September is a busy month
Historically, September is a month of growth for the Montreal real estate market, as it marks the completion of projects initiated during the summer.
Many transactions launched during the summer are notarized in September, boosting sales statistics. Buyers and sellers resume their activities after the vacations, creating an environment conducive to the conclusion of sales contracts. This period of intensive notary activity makes September a traditionally strong month, coupled with the back-to-school period, which is an important time for families, creating a more active market and sharply higher sales volumes.
Market conditions: Favorable for buyers and sellers
Current market conditions are advantageous for both buyers and sellers, creating genuine momentum.
- For buyers, financing conditions have improved, with mortgage reforms facilitating access to loans and longer borrowing periods. This ease of borrowing has encouraged many buyers, particularly first-time buyers, to enter or re-enter the market.
- For sellers, the market is also buoyant due to the relatively low level of inventory, which is driving up prices. This scarcity of supply enables sellers to benefit from constant demand, supported by high prices, creating optimal selling conditions.
This dual effect – reduced supply and active demand – explains much of the growth seen in September.
Montréal’s continuing appeal
Montreal remains a prime real estate destination for buyers and investors, attracted by the city’s quality of life, modern infrastructure and dynamic market. The city’s appeal continues to grow, thanks to the diversity of its neighborhoods, investment in real estate projects and growing demand in the residential and rental sectors.
The boom in condominiums and plexes, supported by a growing population and a booming local economy, continues to drive the Montreal real estate market. Major infrastructure projects and Montreal’s reputation as a safe city with excellent transport links further enhance this appeal.
Conclusion
The month of September 2024 confirms the good health of the Montreal real estate market, with a marked increase in sales and a sharp rise in transaction volume.
Market conditions favor both buyers, who benefit from advantageous financing rates, and sellers, thanks to limited inventory and steadily rising prices.
Montréal remains a popular real estate destination, reinforcing its appeal for investors and first-time buyers. Seasonality also plays in favor of this month, marking a pivotal moment in the real estate calendar. This momentum is set to continue, offering a promising final quarter for the Montreal real estate market.
If you’re planning a real estate project, put your trust in our team of real estate brokers in Montreal.
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