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Montreal Home Sales Rose 3.6% In May

Home sales in Montreal rose 3.6% in May from a year earlier, according to data from the Quebec Professional Association of Real Estate Brokers.

Sales volumes across Montreal were above the historical average in May.

The real estate association said that home sales in Montreal, Canada’s second largest city, totalled 4,563 during May, up 3.6% from 4,405 in the same period of 2023.

The average price across all types of housing was up year-over-year, led by a 6.8% increase in the price of a plex at $780,000.

The price for a single-family home rose 4.6% to an average of $575,500, and the median price for a condominium climbed 1.7% higher to $410,000.

The Quebec real estate board attributed the May results to economic growth and anticipation of the Bank of Canada's first interest rate cut, which occurred on June 5.

Active listings in Montreal during May rose 21.6% compared with a year earlier to 18,996, while the number of new listings increased 15.9% to 7,005.