Home sales increase by 9.3% in Montreal in August

A real estate sign is posted outside a home in Pointe-Claire, a city in Montreal's West Island, Tuesday, May 7, 2024. (Christinne Muschi, The Canadian Press)

The Association professionnelle des courtiers immobiliers du Québec (APCIQ) reports that home sales in the Montreal area increased by 9.3 per cent in August compared to the same month last year.

Sales were slightly higher than the historical average for this time of year.

The association reports that there were 2,991 home sales in the region for the month, compared with 2,737 in August 2023. The median price of all housing types rose year-over-year, due in particular to a six per cent increase in the price of a plex to $763,000 last month.

The median price of a single-family home rose by 5.2 per cent to $590,000, and the median price of a condominium increased by 4.4 per cent to $407,100.

APCIQ director of market analysis Charles Brant says that the strength of Montreal's resale market contrasts with the decline in many other Canadian cities, which are struggling with higher levels of household debt, lower savings and declining purchasing power.

Active listings for the month of August rose by 18 per cent year-on-year to 17,200, while new listings increased by 1.7 per cent to 4,840.

This report by The Canadian Press was first published in French on Sept. 6, 2024.