Hello, Montreal! It’s time for another real estate market update. Let’s take a look at some of the most important Q3 stats for different regions of Montreal, then make some predictions for Q4.
Residential sales
In Q3 2023, we saw a residential sales uptick of 4% compared to the same quarter last year. That checks out, because in Q3 2022, the new rates had just started taking effect, which caused many buyers to lose their buying capacity. We’ve also seen an increase in listing volume, which is up by 13% compared to last year.
Housing prices
In the Montreal Metropolitan Area, prices increased across the board compared to last quarter. Homes went up by 2.2%, with an average price of $664,617, condos increased by 2.4% for an average price of $462,886, and finally, multiplexes went up by a slight 1% for an average of $762,362. If we zoom out, though, prices are still down compared to where they were 12 months ago.
This dip in pricing makes it an attractive time to get into the market: single-family homes and condos remain in a seller’s market, while plexes are in a balanced market.
On the Island of Montreal, we saw prices increase at a slightly faster pace compared to last quarter. Homes increased by 2.6% for an average price of $933,539, condos were up 2.7% for an average price of $525,592, and multiplexes increased by 1.4% for an average price of $830,410. Given that the island was most affected by the downswing, these figures are encouraging to see.
Days on market
In Q3 2023, it took longer to sell a property in Montreal compared to the same period in 2022. Homes took an average of 60 days to sell, which is an increase of 24 days, and condos took 62 days, which is an increase of 18 days. Multiplexes took an average of 71 days to sell, an increase of 22 days.
Laval: a hot market?
Laval saw the most aggressive price increases of any MMA subregion when comparing Q3 2023 to the previous quarter. Homes increased by 4.2% to hit an average price of $620,863, condos were up 3.7% for an average price of $427,324 and multiplexes went up 6.7% for an average price of $783,037.
Properties in all three major categories sat on the market for longer compared to last year. Homes took an average of 41 days to sell, which is an increase of 14 days. Condos took 52 days, which is up by 16 days, and multiplexes took 82 days, which is an increase of 38 days. Laval plexes are currently in a buyer’s market, while single family homes and condos remain in a seller’s market.
South Shore: a stable situation
The South Shore saw negligible changes this quarter compared to the previous quarter. Homes increased by 0.3% for an average price of $625,072, condos were up the most by 4.1%, hitting an average price of $398,906, and multiplexes went up 1.8% for an average price of $655,487.
Finally, days on market for the South Shore were also up in all three categories. When comparing Q3 2023 to Q3 2022, homes took an average of 45 days to sell, which is up 16 days, condos took 49 days, an increase of 19 days, and multiplexes took 71 days, an increase of 30 days.
Just like on-island real estate, the South Shore’s single family homes and condos are in a seller’s market, and plexes are in a balanced market.
The bottom line
So, now you have all the data – what comes next? In short, prices are up across the board. Sellers are having to wait longer to get their asking price, but their patience is paying off. Throughout the quarter, interest rates have been at their highest levels in recent history – so the fact that we saw prices continue to climb slowly shows just how strong the Montreal market is right now.
Q4 is likely going to be pretty quiet given where interest rates have landed. Many sellers are already discussing holding off until the new year. If you’re a buyer, we recommend taking advantage of this quieter period to negotiate a better deal. If you’re a seller, you might consider pivoting to renting out your property if you’re on a tighter timeline.
Have questions about the current state of the market? We’re always keeping tabs on the Greater Montreal Area. Drop us a message and we’ll be happy to shed some light!