Montreal condominium sales rose 5% year-over-year in May, exceeding the market-wide average.

Condo sales totalled 1,786 transactions, while overall residential transactions rose 4% year-over-year, the Quebec Professional Association of Real Estate Brokers (QPAREB) reported.

“Although sales for the month of May rose only by 4% compared to May 2023, we should keep in mind that it is in comparison to the strong market at this time last year,” said Charles Brant, QPAREB’s market analysis director, in a news release.

Brant attributed the rise to lower inflation and anticipation of the Bank of Canada interest-rate cut, to 4.75%, that became a reality in early June.

“Added to this is a factor of continued market adaptation with prices expected to remain at high levels,” said Brant.

Overall median prices were up year-over-year, with condo prices rising 2%. The median single-family home sale price grew 5% from May 2023.