The Montreal real estate market has seen some significant changes from July 2023 to November 2023. Here’s a comprehensive analysis of the market trends during this period.
Market Overview
The average home sold price reached $578,399 in October 2023, marking a 3.8% annual increase1. While Montreal home sales are down 3.4% year-over-year, active listings are up 12% compared to last October1.
The benchmark single-family home in Montreal increased by 2.6% year-over-year to $612,300 in October 20232. Montreal’s benchmark townhouse/multiplex price increased by 1.5% year-over-year to $573,900 in October 20232. The benchmark condo price in Montreal increased by 6.4% year-over-year to $397,600 in October 20232. Montreal’s benchmark composite home price increased by 3.3% year-over-year to $516,000 in October 20232.
Sales and Inventory
A total of 2,675 homes changed owners in Montreal’s housing market during the month of October 20231. This indicates a 3.4% decline in sales compared to October last year and a 2.3% decrease compared to last month1. There were 17,518 active listings at the end of October 2023, an increase of 12% year-over-year1.
Market Conditions
The Montreal housing market remained balanced for October 2023 with a sales-to-new-listings ratio (SNLR) of 46%2. High mortgage rates have impacted the purchase plans of homebuyers in Canada, making mortgages unaffordable for many1. Many buyers are now taking a wait-and-see approach, which has translated into a slowdown in sales in Montreal’s housing market1.
Conclusion
Given the current market conditions, it seems to be a good time for homeowners to sell, as home prices have seen a steady increase over the past year. However, for buyers, the high mortgage rates and increasing home prices might make it challenging to enter the market. It’s advisable for potential buyers to carefully assess their financial situation and the market conditions before making a purchase decision.
Please note that while this analysis provides a snapshot of the current real estate market in Montreal, real estate decisions should be made based on individual circumstances and after consulting with a real estate professional.
