Residential sales in the Montreal CMA reached 4,428 in May 2023. In its most recent real estate market statistics, the Quebec Professional Association of Real Estate Brokers (QPAREB) said this is a “more limited decline in recent months,” extending to 393 fewer transactions compared to the same period last year.
“The month of May clearly marks a return of buyers to the market encouraged by the stabilization of interest rates and prices, said QPAREB Market Analysis Director Charles Brant in a statement. “Homeowners are more inclined to list their property at prices more in line with recent sales of comparable properties, in a context of stabilization and even the recovery of prices.”
Almost all the main metropolitan areas are experiencing an annual downward trend in sales with variations ranging between 2 per cent and -12 per cent. The metropolitan areas of Laval (428 sales), the North Shore of Montreal (944 sales) and the South Shore of Montreal (973 sales) all posted larger drops of 12 per cent, 11 per cent and 10 per cent, respectively.
The Island of Montreal saw a 5 per cent decline, with 1,758 transactions and a small dip in prices from last year.
“This reflects renewed interest in the opportunities offered in this market,” said Brant. “Thus, the market on the Island of Montreal is more balanced and its longer-term upside potential remains tangible with the resurgence of international and interprovincial migration. All this, despite financing costs that will be permanently less advantageous than in recent years.”
Still, activity remains slow across all types of properties compared to recent months. The largest decline (19 per cent) was evident with plexes at 399 sales, followed by condos that dipped 10 per cent with 1,714 sales. Single-family homes recorded a 4 per cent drop.
Active listings
Listings reached 16,089 in the Montreal CMA in May. This increase was observed across all property types. The highest growing inventory is among single-family homes at 55 per cent, while condos (6,735 listings) and plexes (2,407 listings) follow with increases of 43 per cent and 30 per cent, respectively. all these properties are taking more time to sell than last May, well below the historical average for this period.
Prices seem to be recovering in a tight market advantageous to sellers. The average cost for a condo is down 2 per cent at $403,000, while single-family homes went down to $550,000. In the main metropolitan areas of the Montreal CMA, the decline is more marked on the North Shore of Montreal (-7 per cent), Vaudreuil-Soulanges (-7 per cent), Laval (-6 per cent) and the South Shore of Montreal (-5 per cent).
Average prices
On the Island of Montreal, the return of prices to last year’s level is trending, with a more modest drop of -2 per cent, while Saint-Jean-sur-Richelieu slightly increased by 1 per cent.
