Montreal Census Metropolitan Area (CMA)
- Sales are stable and close to historical norms for this period.
- Despite the slowdown in sales since the beginning of autumn, the buildup of properties for sale on the market has been very slow.
- As a result, market imbalances remain in favor of sellers, and prices remain higher than in the same period last year.
L’Isle-des-Soeurs, Quebec, Dec. 6, 2023 (Globe Newswire) — The Quebec Association of Real Estate Brokers (QPAREB) has released its November 2023 residential real estate market statistics.Recent market statistics Montreal Census Metropolitan Area (CMA) Based on the Centris state database of real estate agents.
The number of home sales in the Montreal CMA area was 2,664 in November 2023. This is a decrease of 1%, or 36 cases, compared to the same period last year. It should be noted that this is his second lowest level of trading activity recorded during this period since 2000, when Centris started compiling market data.
“Unlike other Canadian metropolitan areas such as Toronto or Vancouver, the Montreal-area housing market has not seen a rapid increase in the number of properties returning to the market. At this time, the economic slowdown and rising borrowing costs appears to have a modest impact on the financial health of households in metropolitan Quebec. With real estate prices down significantly, Montreal households’ debt levels and the budget allocated to monthly mortgage payments are lower than those in Canada. “In addition, household incomes in the Montreal area tend to be in line with those in Toronto and Vancouver,” said Charles Brandt, director of market analysis at QPAREB. Masu.
“It is also important to note that sales remain low as some buyers are unable to qualify for mortgages, contributing to pressure on the rental market. Relatedly, the small income property market appears to be finding new appeal among investors as interest rates stabilize, while offering other benefits to would-be owner-occupiers. ”
November highlights
- Residential real estate sales are down in nearly all of the Montreal CMA’s major metropolitan areas. The Island of Montreal stands out with 1,042 transactions, an increase of 7% compared to the same period last year. Laval (241 sales), Montreal’s North Shore (629 sales) and Montreal’s South Shore (582 sales) followed with sales declines of 1%, 5% and 5%, respectively. Saint-Jean-sur-Richelieu (75 sales) and Vaudreuil-Solanges (95 sales) recorded declines of 14% and 19%.
- Transaction activity by real estate category varied between -8% and +36% over the same period. There were 1,329 units sold, an 8% decrease in the number of single-family homes sold compared to the same period last year. Condominium sales increased by 1%, reaching 1,051 transactions. Small income properties saw a notable increase of 36% with 282 sales.
- The number of active listings on the Montreal CMA increased 11% year over year to 17,715 during November. This increase in listings was observed across all real estate categories. It should be noted that although the inventory of available real estate has reached levels not observed since the summer of 2019, it is still significantly below historical averages.
- The average sales period for small income properties was 64 days, one day longer than the same period last year. This is followed by condominiums at 58 days and single-family homes at 48 days. This will increase by 11 days for apartments and 4 days for single-family homes.
- Compared to November 2022, all median prices have increased. The median condo price was $395,275, an increase of 4%. The median sales price for single-family homes was $539,700, up 4% from last year. The median plex price was $731,250, up 2% over the same period.
- On a rolling monthly basis, median prices remained stable compared to October. Single-family homes and small income properties saw slight positive changes compared to the previous month (both +1%), while condominium median prices declined slightly (-1%).
- On an annual basis, the median single-family home price in the major metropolitan areas of the Montreal CMA varied between -1% and +9%. Median prices fell in Laval (-1%). Saint-Jean-sur-Richelieu (+2%), Montreal’s North Shore (+3%) and Montreal’s South Shore (+4%) saw smaller median increases. The increase in median prices was more pronounced in Vaudreuil-Soranges (+7%) and Montreal Island (+9%) compared to a year ago.
Additional Information:
Detailed and cumulative monthly statistics for states and territories
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About the Quebec Professional Real Estate Brokers Association The Quebec Professional Real Estate Brokers Association (QPAREB) is a non-profit association of more than 14,000 real estate brokers and agents. It is responsible for promoting and defending the interests of its members, taking into account the issues facing the profession and the different professional and local realities of its members. QPAREB also plays a key role in many real estate documents, including implementing measures to promote home ownership. The association reports Quebec residential real estate market statistics, provides real estate training, tools and services, and facilitates the collection, dissemination and exchange of information. QPAREB has its headquarters in Quebec City, a secretariat in Montreal, and a regional office in Saguenay. His two subsidiaries are Société Centris inc. and Université du Québec. Follow their activities at qpareb.ca or on their social media pages: Facebook, LinkedIn, Twitter, and Instagram.
For more information:
Ariane BouletMorin Relations Publiques[email protected]Image Bank (credit QPAREB) is available for free.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/84f035e4-e079-4c96-95e9-7744f7fe125c.
Montreal area real estate market
Home Sales – November 2023
Source: Quebec Association of Real Estate Brokers (QPAREB)