The State of Montreal Real Estate

According to QPAREB:

For a third consecutive quarter, residential sales are down in the Montreal CMA. With 7,692 properties sold on the residential market, this represented a -37 per cent decrease compared to the fourth quarter of 2021. Condominiums and plexes registered the largest drops, with decreases of 40 per cent and 52 per cent, respectively. For their part, single-family homes experienced a more modest decrease in sales at -32 per cent.

The number of months required to clear the inventory of residential properties in the Montreal market was 3.5, a slight increase for the fourth quarter of 2022. Several sectors on the outskirts of the Island of Montreal showed signs of weakness with a significant increase in active listings. In total, there were 15,543 active listings in the CMA, an increase of +60 per cent compared to the same period a year ago. Such an inventory, which is still very low, has not been observed in the Montreal CMA territory since the fourth quarter of 2019.

Price corrections were modest in the Montreal CMA, due specifically to activity slowed by the rapid rise in interest rates and the disappearance of the overbidding phenomenon. In a quarter-over-quarter comparison, median prices decreased by -4 per cent for single-family homes, -1 per cent for condominiums and -3 per cent for plexes.