The Montreal Real Estate Market - October 2023

The Montreal Real Estate Market – October 2023

The Montreal real estate market continues to evolve in fascinating ways in October 2023, presenting unique opportunities for buyers and sellers. This article explores the latest trends, prices and dynamics of the Montreal real estate market, offering valuable insights for investors and residents alike.

The data collected comes from the FMSI.

Sales

October 2023 saw a total of 2,675 real estate sales in Montreal, marking a slight decrease of 2% compared to the previous year. This decrease, though modest, reflects a slight reticence on the part of buyers, possibly due to wider economic factors. Nevertheless, this slight downturn offers an opportunity for potential buyers to negotiate better deals, while sellers need to be more strategic in marketing their properties.

Median Prices by Property Type

Median prices for various property categories in Montreal have risen significantly. Single-family homes reached a median price of $545,000, an increase of 7%, while condominiums saw their median price rise by 3% to $390,000. Plexes (2-5 units) also rose, with a median price of $735,000, an increase of 5%. These increases reflect a market that remains dynamic and competitive, driven by strong demand and relatively limited supply.

Sales time and type of negotiation

The average selling time for properties in Montreal varies according to the type of property. Single-family homes sell in an average of 43 days, condominiums in 53 days, and plexes in 60 days. Overbidding remains a common phenomenon, particularly for plexes, where 21% of sales are at a higher price than the initial offer, signalling a particularly competitive market for this type of property.

Take a look at the infographic:

Current and New Registrations

The number of active registrations rose by a significant 12% to 17,518. At the same time, new registrations also rose by 10%, to a total of 5,816. This increase in listings suggests a market response to growing demand, offering more options to buyers while maintaining a high level of competition for sellers.

Total sales volume and superheated sectors

Total sales volume reached $1,547 billion, up 2% on the previous year. This increase in sales volume testifies to the vitality of the Montreal real estate market. Some areas, such as the Island of Montreal, Laval and the South Shore, are experiencing an overheated market, particularly for single-family homes, signalling sustained interest in these zones.

Conclusion

Current trends in the Montreal real estate market show a dynamic and constantly evolving landscape. With rising prices, robust sales volumes and particularly active sectors, the market offers a wide range of opportunities for the various players in the sector. To navigate this market effectively, a thorough understanding of current trends and the right strategy are essential. Stay tuned for more analysis and insights into the Montreal real estate market.

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Kyle Shapcott

kyle@equipels.com

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