08 Mar The Latest Montreal Real Estate Market Update 2023
The Latest Montreal Real Estate Market Update 2023
The Latest Montreal Real Estate Market Update 2023 – the latest stats for February 2023 for the Montreal GMA
Main summary and takeaways via Centris:
- The Montreal CMA continued to post record declines in sales in February, but no longer differs from the rest of the Province in this regard.
- The accumulation of unsold properties on the market caused active listings and selling times to jump, but levels remain well below historical averages.
- Median prices are down from the same period last year, but up from January 2023.
““Despite an all-time low number of sales for a February and the sharp rise in the number of properties that have not found a buyer, most properties in the Montreal CMA are selling at the listed price, or even slightly above. This is particularly the case for condominiums,” observes Charles Brant, QPAREB Market Analysis Director.This means that despite longer selling times, the normalization of the transaction process and a return to market conditions less favourable to sellers, there is a pause in the price correction for the moment. This is mainly due to the fact that it is the more desirable and least numerous properties on the market that find buyers.”
Montreal home prices set to dip in 2023 as pandemic-era ‘exaggerations’ disappear: Royal LePage
Higher borrowing costs curbing demand, report says Home prices in Greater Montreal could drop two per cent this year – double the national average – as higher borrowing costs curb demand for residential real estate, a new report says. Subscribe now to read the latest news in your city and across Canada.
Royal Lepage Real Estate Market Forcast
Data via Royal Lepage
Montreal Housing Market Report: January 2023 | Interactive Map | WOWA.ca
Market Report Summary for January 2023 Updated February 7th, 2023 The average home sold price reached $529,020 in January 2023, for a 5% annual decrease. While Montreal home sales are down 37% year-over-year, active listings are up by a staggering 65% year-over-year. Single-family detached median price decreased by 7.6% year-over-year to $500k.
Home prices to drop 1% by Q4 2023: Royal LePage outlook – BNN Bloomberg
Royal LePage is forecasting the aggregate price of a home in Canada will drop by one per cent to $765,171 by the fourth quarter of 2023. The real estate company says it expects prices to flatten in the second quarter and then modestly increase in the second half of the year, ending 2023 on an upward trajectory.
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