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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.
- ◦Sale/Acquisition
- ◦Economy
- ◦Policy/Gov't