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Quebec  + Multi-residential Housing  | 
Greater Montreal Area condominium sales rose 26% year-over-year in April.

Rate Cut Expectations Boost Montreal Condo Sales

Greater Montreal Area condominium sales rose 26% year-over-year in April as expectations of interest-rate cuts whetted buyers’ appetite.

A total of 1,814 condo sale transactions were completed during the month, the Quebec Professional Association of Real Estate Boards reported.

“Following an early rebound in activity in February, a very reactive recovery of the market took place in April due to two clear factors: an increasingly obvious and imminent return to a downward cycle in interest rates, in addition to a resumption of price growth that this drop in rates may suggest,” said Charles Brant, QPAREB’s market analysis director.

The increase contrasted with a reduction in consumer confidence, showing that buyers believe that this is a good time to make a major purchase, such as a property, he added.

Sales of condos priced above $700,000 jumped 48%, exceeding the 25% average for all price ranges combined.

Overall GMA residential sales also rose 26%, or 954 transactions, to 4,688 from April 2023.

Many economists anticipate that the Bank of Canada will reduce its key overnight lending rate in June or July.


Inside The Story

Charles BrantQPAREB

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
  • ◦Economy
  • ◦Policy/Gov't
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