Wondering what’s been happening in the local real estate market during the first portion of this year? We have your Q1 update right here.
In the greater Montreal area, we saw a slight dip in average home and condo prices in Q1 2023 compared to Q4 2022. Homes saw a decrease of 1.4%, hitting an average price of $599K, while condos were down 2.3% to hit average price of $435K. Multiplex values, on the other hand, remained unchanged at an average price of $720K.
On the island of Montreal, we saw a steeper decline in home and condo prices in Q1 2023 than we did in the previous quarter. Homes decreased by 2.4%, settling at an average price of $845K, and condos decreased 3.4% to an average of $498K. Similar to the GMA, multiplex values remained unchanged on the island, sitting steady at an average price of $795K.
In terms of days on market, it took longer to sell a property on the island of Montreal this quarter compared to the same time last year. Homes took an average of 68 days to sell, which is an increase of 29 days, while condos took 69 days on average, equal to an increase of 18 days. Multiplexes took an average of 80 days to sell, an increase of 23 days compared to Q1 2022.
The bottom line
What does all of this mean for the Montreal real estate market? It’s not surprising to see prices returning to pre-craze levels, with a quiet January followed by a more active February and March.
But looking ahead, we expect to see a strong Q2 in the Montreal market. Consumer confidence is up, inflation is trending downwards, and interest rates are lower than most people expect.
If you’re interested in staying up to date on the latest interest rates, reach out to the team to receive our weekly updates. Have specific questions? We’re sure we have the answers! Drop us an email or call and we’ll do our best to get you the info you need.