The median price of a condominium in Montreal rose 6.1% year-over-year in April as overall residential sales flourished, according to a new report from the Quebec Professional Association of Real Estate Brokers (QPAREB).

The condo market saw the median price rise to $424,500. Meanwhile, the median price of a single-family home climbed 8.7% from April 2024 to $625,00.

“The Montreal market continued to post very strong activity in April. Most geographic areas and property categories are seeing essentially double-digit increases in both cases,” said Charles Brant, QPAREB’s director of market analysis.

“This rise in sales, during a month that is typically one of the most active of the year, is largely supported by newly eased mortgage insurance rules and the accelerated decline in interest rates over the past six months.”

In a notable shift, Montreal’s South Shore has surpassed Laval, Que., as the most expensive suburban market. Single-family home sales on the South Shore also exceeded those in Laval.

QPAREB said the overheating in peripheral markets continues to support sustained price growth as the lower interest rates and the recent introduction of incentives motivate prospective buyers to act.

April sales were comparable to a pair strong years prior to the pandemic as total transactions rose 10%, said QPAREB.

The sustained activity growth was distributed evenly across the region, although Saint-Jean-sur Richelieu (no gain) and Vaudreuil-Soulanges (up 21%) were notable exceptions.

The strong market continued to imply rapid absorption of active listings, which rose a modest 2% and remain well below the historical average, said QPAREB.

Pictured: Buildings in Montreal.

Photo: Liam Hill-Allan / Shutterstock.com

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