Let’s see an overview of recent real estate trends for the regions of Laval, Montreal, and the North Shore, based on the latest data published by the Quebec Professional Association of Real Estate Brokers (APCIQ).
In May 2024, residential sales in the Montreal census metropolitan area (CMA) reached 4,563 transactions, an increase of 4% compared to the previous year. This level of activity is slightly higher than the historical average for this period since 2000. All median prices increased compared to last year: condominiums at $410,000 (+2%), single-family homes at 575,500 $ (+5%) and plexes at $780,000 (+7%).
Laval
The real estate market in Laval continues to show signs of stability with a slight increase in transactions. In May 2024, Laval recorded a 3% increase in the number of sales compared to the previous year. This growth is mainly due to increased demand for single-family homes, which remain the preferred choice of buyers. The median price of residential properties in Laval also saw a modest increase of 2%, reaching $450,000.
Montréal
Montreal, the economic heart of the region, displays a different dynamic. Residential sales decreased by 5% in May 2024 compared to May 2023. This decline is partly due to rising interest rates and buyer caution in a competitive market. Despite this, the median price of single-family homes in Montreal increased by 1%, now standing at $550,000. Condominiums continue to see steady demand, stabilizing their median price at $380,000.
Rive-Nord
On the North Shore, the real estate market shows notable resilience. Sales increased by 4% in May 2024, supported by strong demand for single-family homes and luxury properties. The median price of single-family homes on the North Shore reached $420,000, up 3% from the previous year. Buyers are particularly attracted to suburbs offering more space and tranquility without straying too far from Montreal.
Conclusion
The real estate market in these three regions shows diverse trends, with Laval and the North Shore experiencing moderate growth, while Montreal sees a slowdown in sales despite a slight increase in prices. Buyers and investors must remain vigilant in the face of rapidly evolving economic conditions and market fluctuations.
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