Montreal market forcast 2023

Montreal Market Forcast 2023

 

photo by ®Bonnie Meisels

Montreal Market Forcast 2023: Trends, Statistics And Potential Opportunities

 

 

The Montreal market forcast for 2023 will depend on mostly two things, the state of interest rates and inventory. It feels like it was only a few months ago that I was writing the Montreal market forcast for 2022, I honestly don’t know where this year has gone as it feels as if time flew by so fast, especially the last six months!

As we all know inflation, evidenced by the price of gas, food, and continuos rising interest rates, continue to put a huge strain on people. The question is, how long will this continue.

 

The Need to Adapt in a Changing Economy – Interest Rates

 

The Canadian and global economy is constantly changing, while certain sectors are seeing continuous growth, others are seeing decreases in demand. The Montreal market is no exception to this trend. By the end of summer, as interest rates started to climb there was a visible cool off in the overheated, multiple offer frenzy that we witnessed the past few years.

The steep rise of interest rates clearly visible in the chart below.

 


View the Bank of Canada’s video on monetary policy

 

October 2022 Monetary Policy Report – In Brief

No Description

 

Market Stats & Trends

 

The interest rates in Canada are higher than other countries, which means that Canadians have to pay more for loans and mortgages. This is a major factor for a recession in Canada. There is some recent surprising news from Crea though, Sales in October have shown a slight increase from prior months. Read the full article below

Canadian Home Sales Increase-First Time Since February

Canadian home sales took a surprising turn in October, increasing 1.3% compared to September. Newly listed properties were up 2.2% month-over-month as well.

 

Have a look at Crea’s MLS Benchmark price tool to see the average prices across different cities in Canada

 

Popular Destination Purchases For Canadians

 

It’s also interesting to have a look the other way. Where are Canadians buying property outside of Canada.

Where Canadians Are Buying Internationally – REALTOR.ca Blog

Where are Canadians purchasing homes, and what are they looking for? We break down the data showing us where and why Canadians are buying internationally.

 

Best Performing Category of Real Estate – Where Are The Opportunities

 

PWC & the Urban Land Institute have produced a report, “Emerging Trends in Real Estate US / Canada”. It takes a look at what are the best bets for investments and development in 2023 for the US and Canadian markets.

You would expect the worst news across property sectors but according to the report data, there’s some suprising resiliency in these markets. The report covers some of the best and least performing categories in real estate. The overall attitude towards the commercial real estate outlook can be seen in this excerpt.

 

“It makes sense that real estate experts would take the long view given the nature of real estate assets: buildings take a long time to conceive and develop. Even simply acquiring one typically takes more time (and effort) than buying just about any other type of financial asset, and they are usually held for longer durations. Still, the willingness of so many people in the industry to look beyond some of the cyclical headwinds is striking. Says the head of advisory services for a commercial real estate (CRE) analytics firm, “The recession—if we go into one—will obviously impact some markets worse than others, but it’s just like anything else. We’ll look back in 10 years, and the prices that seem astronomical today will seem like a bargain 10 years from now.”

 

Read more highlights and excerpts from the Report

 

Emerging-Trends_USCanada-2023

 

Canadian Market Snapshot for October 2022 via Crea

 

 

Crea market snapshot Oct 2022

Access and read the latest Montreal real estate market reports

 

Read the latest from the One Good Earth real estate blog

Montreal market forcast 2023-trends, statistics and potential-opportunities, recent market trends in October 2022, reports from PWC & Urban

Bonnie Meisels
buymontrealrealestate@gmail.com
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