Montreal condominium prices rose in the first quarter as residential sales soared across Quebec.

The median price of a Montreal condo climbed 4% year-over-year, the Quebec Professional Association of Real Estate Brokers (QPAREB) reported. Meanwhile, total Quebec residential sales were up 17%.

The double-digit sales gain was Quebec’s first since 2021, a span of 10 quarters.

Charles Brant, QPAREB’s market analysis director, attributed the rise to lower inflation and the Bank of Canada’s softer stance on interest-rate cuts.

“This context has inevitably led to many homebuyers deciding to take action in anticipation of a potential overheating,” said Brant.

Montreal’s 4% median condo price boost was below the province-wide 5% gain. But Montreal’s median price of $395,000 was above the province-wide median of $365,000.

The city’s overall residential sales jumped 20% to 10,407. Total Quebec sales listings also increased 20% year-over-year, to 36,666.

But listings still remain well blow the historical average.