The average sales price is growing in the Montreal Census Metropolitan Area when compared to August 2022. The latest statistics for August 2023, from the Quebec Professional Association of Real Estate Brokers (QPAREB), reveals that condos sold for $393,000, an increase of 2 per cent compared to last year, a single-family home was $561,000, an increase of 7 per cent, and plexes posted a 3 per cent increase at $720,000.
The data from realtors across the province also shows that the market is maintaining its activity at a level comparable to its historical average for August.
“It is interesting to note that prices have not only recovered lost ground compared to the same period last year but are also maintaining levels close to the peak of 2022,” said QPAREB Market Analysis Director Charles Brant. “This finding is more or less valid for all major metropolitan areas and property types. In a context where interest rates and prices both remain at high levels, a potential deterioration of the job market in the coming months could make this market stabilization more precarious.”
Active condo listings rose by 15 per cent from last August. Transaction activity is said to be stabilizing in a context of longer average selling times. Condos took an extra 16 more days to sell, with single-family homes taking 18 days.
Compared to last year, there were 101 more transactions in August overall for residential sales, reaching 2,753. The North Shore of Montreal (607 sales) posted a 12 per cent drop in sales. In Laval (256 sales) and the South Shore of Montreal (637 sales), sales are stable with respective variations of 0 per cent and 1 per cent. Vaudreuil-Soulanges (130 sales) and Saint-Jean-sur-Richelieu (74 sales) recorded a growth in sales with variations of 8 per cent and 10 per cent. The Island of Montreal, with 1,049 transactions, stands out with an increase of 18 per cent compared to the same period last year.
“August is usually one of the least active months of the year,” said Brant. “While August 2023 is no exception to the rule, the number of sales is in line with the historical average. Transactional activity is thus higher than that recorded last year at the same period. In the first part of 2022, the number of transactions began to be heavily impacted by the successive sharp increases in interest rates.”
