Greater Montreal Area condominium prices rose modestly in the second quarter, according to a new Royal LePage report.

The GMA median condo price increased 0.9% year-over-year to $465,800. Meanwhile, its Montreal Centre counterpart climbed 1.7% to $573,000 from the second quarter of 2023.

According to the brokerage firm home sales in Greater Montreal, like those in other major Canadian markets, have slowed this year as the Bank of Canada’s first interest-rate cut failed to attract a rush of buyers to the market.

But Dominic St. Pierre, executive vice-president of business development for Royal LePage, expects the market to be affected in a positive way eventually.

“It’s still too early to measure the full impact of this first rate cut on June 5th, but it is fair to say that the decision signals a change in tone by the central bank,” he said. “Even if the 25-basis-point cut is immaterial in enlarging buyers’ budgets, it has certainly strengthened their resolve to resume the process.

“We may only see the effects of this easing of monetary policy on real estate transactions in a few months’ time, when subsequent reductions to the key interest rate are likely to have taken place. We expect activity to pick up, slowly but surely, between now and the end of the summer period.”

The BoC is widely expected to introduce another rate cut on Wednesday.