Here’s your Q3 real estate market update for the Montreal metropolitan area!
First things first: sales are down significantly, which is mostly due to the fact that buyers are concerned about the interest rate hikes. A lot of people are sitting on the sidelines right now to see what’s going to happen before making their next move.
However, median prices are up in every single category. Single family homes are up 7%, condos are up 5%, and plexes are up 6% in the GMA. This is really interesting to see because even though consumer confidence has gone down and sales have slipped as a result, prices are still on an upward trend.
Now, if we were to focus only on the island of Montreal, things are a little bit different. On the island itself, sales of single-family homes are down 27%, and the median price for single-family homes is down 3%. Condos are up 1% and plexes are up 4%.
If we move over to Laval, single family homes are up 11%. Condos are up 8% and plexes are up 8% as well. Clearly, the surrounding area of Montreal is what’s carrying the median price increases we’ve been noticing lately.
Going a little bit further to the North Shore of Montreal, these guys are really carrying their weight. Single family homes are up an average of 13%. Condos are up an average of 18% and plexes are up an average of 9%. So we’re still seeing tremendous growth in that market.
Now, let’s head on over to the South Shore of Montreal. Single family homes are up 9%, condos are up 13%, and plexes are up 13% as well.
Since interest rates have been spiking and sales have been slowing, we suspect that Q4 numbers will probably be a little lower. We might start to see a slight drop in prices, and that will likely affect how people will be discussing real estate over the next few months.
That’s all for your Q3 update! We’ll be back soon with another. If you have any more questions about what the market has been up to and what we might be able to expect in the near future, our team has the answers!