Montreal condominium sales soared 20% year-over-year in July, the Quebec Professional Association of Real Estate Brokers (QPAREB) reported.

The sharp increase in transactions bucked the trend of a traditionally slow month for sales. Montreal’s overall residential sales rose 12% year-over-year.

“July starts off the summer period when transactional activity is usually quieter,” said Charles Brant, QPAREB’s market analysis director. “It is interesting to note, however, that the Montreal [census metropolitan area] is back to a level of activity above the historical average calculated since 2000 for this period of the year.

“This is a clear sign that despite the fact that the CMA posts the highest prices in the province, the massive exodus towards other regions of Quebec is well and truly over, and that more and more newcomers are settling [in Montreal].”

The average condo price rose 4% year-over-year to $411,000 compared to a 6% rise in single-family home prices, which averaged $585,000.

But compared to June 2024, average prices remained relatively flat.

“In the case of the Island of Montreal, it is particularly interesting to note that price growth has tended to stabilize, thanks to virtually balanced market conditions,” said Brant. “This has allowed buyers to benefit more fully from the impact of lower mortgage interest rates.”

Overall new listings increased 14%, year-over-year, while total listings jumped 22% to 17,545.