Centris Residential Sales Statistics – February 2023
Montreal Census Metropolitan Area (CMA)
- 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.
L’Île-des-Sœurs, March 6, 2023 – The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of February 2023. The most recent market statistics for the Montreal Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database.
Residential sales in the Montreal CMA reached 2,996 in February 2023. The drop of 32 per cent compared to the same period last year brings sales down to a new low for a month of February.
“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. This observation is not, however, the same for plexes, which are more open to negotiations given the challenges associated with renovation costs and profitability in a context of sharply rising interest rates.”
- Transaction activity slowed during the month of February in all of Montreal’s metropolitan areas. The North Shore of Montreal (725 sales), South Shore of Montreal (749 sales), Saint-Jean-sur-Richelieu (87 sales) and Laval (298 sales) all experienced slightly less marked decreases, respectively, 26 per cent, 28 per cent, 29 per cent and 30 per cent compared to February 2022. The Island of Montreal and Vaudreuil-Soulanges, with 1,015 and 122 transactions, saw sales drop by 37 per cent and 39 per cent, respectively.
- This decline was observed in all property categories. With 205 transactions, sales of small income properties fell by 52 per cent compared to the same period last year. This is the most notable drop among the various categories. Condominiums sales reached 1,207, a 33 per cent decrease. Finally, single-family homes were the least affected by the slowdown at 1,581 sales, a decline of 26 per cent compared to last year. Note that this is a new low for single-family home and plex sales since the Centris system began compiling market data in 2000.
- The upward trend in active listings continued in February with a 64 per cent increase over last year. Accordingly, listings for the territory of the Montreal CMA reached 15,893, slightly more than the pre-pandemic level of February 2020. The increase in listings is mainly in the single-family home category (85 per cent). Condominiums and plexes recorded respective increases of 51 per cent and 48 per cent.
- The slowdown in transactional activity is also reflected in longer average selling times for all property categories. The average selling time for small income properties was 82 days, up 27 days from the same period a year ago. Condominiums and single-family homes follow with 60 days and 58 days, respectively. This is 19 days more for condominiums and 26 days more for single-family homes.
- Median prices saw further declines when compared to February 2022 prices. The most notable drop is for small income properties. With a median price of $710,000, the decrease for this property category reached -8 per cent. The median price for single-family homes was $515,000, down 6 per cent. Condominiums sold at a median price of $380,000, a decrease of 4 per cent.
- When compared by month, all median prices showed an increase (compared to January 2023). The condominium and single-family categories both recorded an increase of 3 per cent, representing +$10,000 and +$15,000, respectively. The monthly increase is slightly more marked (5 per cent) for plexes, rising by $35,000. Median prices thus returned to levels similar to those of last November.
- Median prices for single-family homes are generally down in the major Montreal metropolitan areas. The exception is Saint-Jean-sur-Richelieu where the median price remained stable (1 per cent) compared to the same period last year. The Island of Montreal and the North Shore of Montreal both experienced a more modest drop in the median price (-4 per cent). Laval and the South Shore of Montreal follow with respective declines of 7 per cent and 8 per cent. Finally, Vaudreuil-Soulanges posted the most significant decrease. The median price of $510,000 represents a drop of 15 per cent compared to the same month last year.
If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 14,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination, and exchange of information. The QPAREB has its head office in Quebec City, administrative offices in Montreal and a regional office in Saguenay. It has two subsidiaries: Société Centris inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram.
Centris is a dynamic and innovative technology company in the real estate sector. It collects data and offers solutions that are highly adapted to the needs of professionals. Among these solutions is Centris.ca, the most visited real estate website in Quebec.
– 30 –
For more information:
Morin Relations Publiques
Image bank (credit QPAREB) available free of charge.