Q3 2023 Real Estate Market Update for Montréal and the province of Quebec

The real estate landscape in Montréal continues to evolve, as indicated by the latest figures. In the third quarter of 2023, residential sales experienced a slight dip of 4% with 8,575 transactions. However, the overall volume sold has increased by 10%, amounting to $5.117 billion, signaling a robust valuation in property worth. The market has seen a decrease in new listings by 5%, maintaining a competitive environment for buyers.

In the last 12 months, the sales have seen a significant decrease of 22%, with new listings also falling by 9%. This contraction suggests a tightening market with potentially increasing prices. The median price for single-family homes has risen by 5% to $664,517, and the average selling time is 47 days, down by 17 from the previous year, underscoring a faster-moving market.

The market conditions vary across price ranges, with homes priced below $670,000 remaining firmly in seller’s territory, while the higher-end market above $800,000 is balanced.

In the broader Québec province, the residential market has shown resilience with a 1% increase in sales, and the median price for single-family homes has gone up by 5% to $420,000. The employment sector has shown a positive trend with a significant increase in jobs by 108,100, potentially reflecting increased buying power and consumer confidence despite a slight downtrend in the overall consumer confidence index.

As we move into the final quarter of the year, we expect these trends to inform both buyers and sellers, shaping their strategies in this dynamic market.

source : APCIQ