A complete of three,193 houses had been bought final month, up from 2,072 in December 2023. It’s the third month in a row the place year-over-year gross sales jumped by greater than 40%.
The energy in gross sales was broad-based throughout property sorts. Single-family dwelling gross sales rose 52%, condominium gross sales jumped 59%, and plexes (2-5 models) noticed a 49% improve in comparison with final yr.
Costs adopted go well with, with the median value of a plex hovering 14% to $794,500. Single-family houses weren’t far behind, with an 8% improve bringing the median value to $580,000, whereas condos noticed a 7% rise to $419,550.
“Exercise in December was at its highest since January 2022, and is now solely 5.2% beneath
its pre-pandemic degree,” famous Nationwide Financial institution economist Daren King in a analysis report.
King highlighted that, not like the opposite three main Canadian cities, which solely noticed a notable rise in transactions starting in October, Montreal’s actual property market has skilled a pronounced surge in exercise beginning as early as June. This uptick adopted the Financial institution of Canada‘s first coverage fee minimize, pushed partially by “comparatively beneficial affordability circumstances,” King added.
Stock traits had been combined
Lively listings for single-family houses and plexes fell 7% and 10%, respectively, year-over-year, reflecting tighter provide. Alternatively, apartment stock elevated by 8%.
New listings in December totalled 2,724, up 11% from a yr in the past, displaying sellers are responding to the robust demand.
In the meantime, complete gross sales quantity for December hit practically $2 billion, a whopping 63% improve from December 2023. 12 months-to-date, gross sales quantity reached $26.7 billion, up 28% in comparison with the earlier yr.
Houses are taking barely longer to promote, with the common promoting time for single-family houses growing by seven days to 57 days. Condos noticed a marginal rise of at some point, with a median of 67 days in the marketplace, whereas plexes noticed a notable enchancment, with promoting instances dropping by 11 days to 77 days.
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Final modified: January 8, 2025