Unexpected February Hello everyone! By tradition, at the beginning of the month I share statistics for the previous one.
The Quebec Professional Association of Real Estate Brokers releases detailed statistics every month, and here's what we're seeing in February.
Let me make a reservation right away that the comparison is always made with the same month of last year.
So, to summarize the long columns of numbers, broken down by different areas and categories - home sales in Montreal and the surrounding area jumped 30% in February compared to February last year.
Total home sales in the region for the month were 3,843 units, up from 2,955 in February 2023.
All average prices have increased. For single-family houses - by 7% ($550,000), condos and plexes increased by 4%. The average price of a condo is $395,000, a plex is $739,500
Active listings for February jumped 18% to 18,110, while new listings rose 32% to 6,769.
Professional commentators call this rather unusual situation a “dynamic start to the year” and it’s hard to disagree with them.
This is explained by the same thing that I talked about in previous posts: expectations of a rate cut by the Bank of Canada, stable latent demand and the influx of migrants.
