Home sales in Montreal, Canada’s second largest city, rose 25.5% in April on expectations that interest rates will be moving lower in coming months.
The Quebec Professional Association of Real Estate Brokers said that home sales in Montreal have returned to historical averages after declining sharply since 2022 as interest rates rose.
The association said Montreal home sales in April totalled 4,688, up from 3,734 a year earlier.
The median price for a single-family home in Montreal increased 6.5% during the month to $575,000.
At the same time, the median price for a plex rose 4% to $754,000 and the median price for a condominium grew 2.7% to $400,598.
Active home listings in Montreal during April rose 19% from a year earlier to 18,932, while new listings jumped 33% to 7,099.
The association said the rebound in Montreal’s housing market is due to expectations that interest rates charged on home mortgages will decrease in coming months.
The Bank of Canada is widely expected to begin lowering interest rates this summer. The average interest charged on a home loan in Canada is currently hovering around 7%.
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