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.