Q1 2024 Market Insights Revealed!

by BW Group on Wednesday, April 3, 2024
Welcome to the latest edition of our quarterly real estate newsletter, where we bring you exclusive insights and trends shaping the Montreal housing market. In this edition, we'll delve into the market performance of both the West Island and the entire Island of Montreal, providing valuable data and analysis to help you stay informed.

West Island Market Highlights

The West Island real estate market has shown robust growth and activity with notable increases in both single-family homes and condominium sales. Additionally, median prices have seen modest gains, indicating a healthy, balanced market.

Single-Family Homes:

Number of homes sold increased by an impressive 33%, from 277 in Q1 2023 to 369 in Q1 2024. 

Active listings rose by 21%, from 551 in Q1 2023 to 671 in Q1 2024 but still remain at relatively low levels. In March 2017 there were 878 active listings.

Median price saw a steady increase of 5%, rising from $680,000 to $716,000.

Despite increased activity, the average days on the market remained relatively stable at 64 days up from 60 for Q1 of last year.


Condo sales experienced a solid 10% increase, with 116 units sold in Q1 2024 compared to 105 in Q1 2023.

Active listings also saw a notable uptick, rising by 21% from 218 in Q1 2023 to 264 in Q1 2024. In March of 2017 there were 404 active listings. 

Median condo prices saw a slight increase of 0.5%, from $409,000 to $412,000.

The average days on the market for condos decreased, from 72 days in Q1 2023 to 61 days in Q1 2024.

Looking ahead, we expect the West Island market to continue demonstrating resilience and growth. With increasing demand, anticipated interest rate decreases, and limited inventory, sellers stand to benefit from favourable market conditions for the remainder of the year. 

Montreal Market Highlights

single-family homes:

Across the entire Island of Montreal, the number of homes sold increased by 27% in Q1 2024 compared to the previous year, indicating robust market activity.

Active listings also saw a 15% rise, suggesting a healthy inventory of homes available for sale to meet growing buyer demand.

Median home prices experienced a steady increase of 7%, from $690,000 to $740,000, reflecting continued appreciation in property values.

The average days on market for single-family homes remained consistent, indicating balanced market conditions and sustained buyer interest.


Condo sales on the Island of Montreal increased by 16% in Q1 2024 compared to the previous year, demonstrating strong demand in the condo market.

Active condo listings also saw a notable increase of 17%, indicating a diverse selection of condominiums available for buyers to choose from.

Median condo prices experienced a moderate increase of 6%, highlighting stability and steady appreciation in condo values.

The average days on market for condos remained consistent, indicating steady buyer activity and market equilibrium.

As the Montreal real estate market continues to evolve and thrive, now is an opportune time for homeowners to leverage favourable market conditions. Whether you're considering selling, buying, or investing in real estate, we are here to provide expert guidance and support every step of the way.

Key Insights 

West Island's Growing Desirability Amid Traffic Concerns:

As the real estate landscape in the West Island continues to evolve, certain neighbourhoods are gaining traction and becoming increasingly desirable, driven by various factors including recent traffic concerns and infrastructure developments.

Impact of off-island Bridge Reconstruction:

Recent closures and reconstructions of the Ile-aux-Tourtes bridge have had a significant impact on commuters, highlighting the value of living within the West Island. With limited access points to and from the island, properties within the West Island are becoming more coveted as residents seek to minimize their commute times and avoid the hassles of traffic congestion and bridge closures.

Strategic Locations Amidst Traffic Concerns:

Properties located south of Highway 40 are particularly sought after due to similar traffic concerns related to congestion during rush hour. Commuters traveling from the north sector of the island towards the two major highways, 40 and 20, face challenges with traffic bottlenecks, further driving the desirability of properties south of Highway 40. As a result, homes in these areas are experiencing increased demand and rising property values.

Impact of REM (Réseau express métropolitain):

The introduction of the REM is set to alleviate traffic concerns for commuters travelling within the island. However, parking availability near REM stations may pose challenges for commuters, highlighting the premium value of homes located within walking distance of REM stations.

Certain neighbourhoods are gaining prominence amidst traffic concerns and infrastructure developments. Whether you're considering buying or selling a home, understanding these dynamics can help you make informed decisions and capitalize on the evolving real estate landscape in the West Island.

For personalized assistance or to explore properties in various Montreal neighbourhoods, please feel free to reach out to us. We are here to provide expert guidance and support tailored to your real estate needs.