Greater Montreal Area condominium sales rose 28% year-over-year in February, says a new report from the Quebec Professional Association of Real Estate Brokers.

Total condo sales increased to 1,517. Meanwhile, small income properties had a larger gain with 56% sales occurring.

The median condo price stood at $395,000, up 4% from a year earlier. By comparison, the median price of a single-family home climbed 7% from February 2023 to $550,000.

Overall GMA residential sales jumped 30% year-over-year. The monthly transaction total rose to 3,843 as 888 more deals closed than in February 2023.

Charles Brant, QPAREB’s market analysis director, attributed the strong results to sustained migratory flow since the COVID-19 pandemic and buyers’ anticipation of Bank of Canada interest-rate cuts.

Pictured: Arbora condominium building in Montreal’s Griffintown district

Image: Sotramont