Montreal Census Metropolitan Area (CMA)
- Sales are stable, close to their historical threshold for this time of the year.
- Despite weak sales since the start of fall, the accumulation of properties for sale on the market is very gradual.
- As a result, the market imbalance remains favourable to sellers, and prices remain higher than those in the same period of last year.
L’ÎLE-DES-SOEURS, Quebec, Dec. 06, 2023 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of November 2023. The most recent market statistics for the Montreal Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database.
Residential sales in the Montreal CMA territory stood at 2,664 in November 2023. This is a decline of 1 per cent, or 36 transactions, compared to the same period last year. It should be noted that this is the second-lowest level of transactional activity recorded for this time of year since Centris began compiling market data in 2000.
“Unlike other large Canadian metropolitan areas such as Toronto and Vancouver, the residential market in the Montreal region is not experiencing a rapid increase in the number of properties returning to the market. For the moment, the slowdown in the economy and the rise in borrowing costs seem to have less impact on the financial health of households in the Quebec metropolis. Due to much lower property prices, the debt level of Montreal households and the budget allocated to monthly mortgage payments are significantly lower than in the two other Canadian metropolises. Furthermore, household income in the Montreal region tends to converge with that of households in Toronto and Vancouver,” notes Charles Brant, QPAREB Market Analysis Director.
“It should also be noted that the inability of some buyers to qualify for a mortgage is keeping sales at low levels, contributing to pressure on the rental market. In this context, the market for small income properties seems to be finding renewed appeal among investors, as rates stabilize, while offering other advantages to those wishing to become owner-occupants.”
November highlights
- Residential property sales are down in almost all of the Montreal CMA’s main metropolitan areas. The Island of Montreal, with 1,042 transactions, stands out with an increase of 7 per cent compared to the same period last year. Laval (241 sales), the North Shore of Montreal (629 sales) and the South Shore of Montreal (582 sales) follow with respective declines in sales of 1 per cent, 5 per cent and 5 per cent. Saint-Jean-sur-Richelieu (75 sales) and Vaudreuil-Soulanges (95 sales) recorded drops of 14 per cent and 19 per cent.
- Transactional activity by property category varied between -8 per cent and +36 per cent for the period. With 1,329 sales, the number of single-family homes sold was down 8 per cent compared to the same period last year. Condominium sales were up 1 per cent to reach 1,051 transactions. Small income properties, with 282 sales, showed a marked increase of 36 per cent.
- Active listings were up by 11 per cent during the month of November from a year ago to reach 17,715 for the Montreal CMA. This increase in listings was observed across all property categories. It should be noted that the inventory of available properties has reached a level that has not been observed since the summer of 2019, which, however, remains well below the historical average.
- The average selling time for small income properties was 64 days, 1 day longer than the same period a year ago. Condominiums and single-family homes follow at 58 days and 48 days, respectively. This is 11 more days for condominiums and 4 more days for single-family homes.
- All median prices were up when compared to November 2022. The median price of condominiums stood at $395,275, an increase of 4 per cent. Single-family homes sold at a median price of $539,700, up 4 per cent compared to last year. With a median price of $731,250, plexes recorded an increase of 2 per cent for the period.
- On a consecutive monthly basis, median prices were stable compared to October. While single-family homes and small income properties experienced slight positive variations compared to the previous month (+1 per cent in both cases), the median price of condominiums fell slightly (-1 per cent).
- On an annual basis, median prices for single-family homes in the main metropolitan areas of the Montreal CMA varied between -1 per cent and +9 per cent. The median price fell in Laval (-1 per cent). The increase in the median price was modest for Saint-Jean-sur-Richelieu (+2 per cent), the North Shore of Montreal (+3 per cent) and the South Shore of Montreal (+4 per cent). Increases in the median price were more pronounced in Vaudreuil-Soulanges (+7 per cent) and the island of Montreal (+9 per cent) compared to a year ago.
Additional information:
Detailed and cumulative monthly statistics for the province and regions
If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 14,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also a major player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Québec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB has its head office in Quebec City, administrative offices in Montreal and a regional office in Saguenay. It has two subsidiaries: Société Centris inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram..
For more information:
Ariane Boulé
Morin Relations Publiques
[email protected]
Image bank (credit QPAREB) available free of charge.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/84f035e4-e079-4c96-95e9-7744f7fe125c
