Press release
Centris Residential Sales Statistics – January 2023
Montreal Census Metropolitan Area (CMA)
L’Île-des-Sœurs, February 7, 2023 – The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of January 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 territory totalled 1,791 in January 2023. This significant drop of 1,025 transactions represents a decline of 36 per cent compared to the same period last year. Note that sales this low for the month of January have not been seen since 2009.
“With activity approaching a historic low for the month of January, the inventory of properties for sale tends to be replenished more quickly in the Montreal CMA. This dynamic is building on the trend of the last six months. With the impact of rising interest rates on the financial capacity of first-time homebuyers, many are taking a cautious wait-and-see attitude despite the drop in prices. Nevertheless, the latent demand to buy a property is still very present,” notes Charles Brant, QPAREB Market Analysis Director.
End of the interest rate hike cycle
After its last rate hike in January, the Bank of Canada clearly hinted at an end to the tightening of its monetary policy. Together with a context in which market conditions tend to favour buyers, this announcement could restore buyers’ confidence in purchasing a home. We are therefore seeing the implementation of elements that will stabilize market activity and facilitate the creation of opportunities in the Montreal region as early as this spring. It remains to be seen how transactional activity will be impacted by new legislation coming into force at the start of the year. This would include a ban on foreign investors acquiring properties in major Quebec cities, in particular, the Montreal CMA.
January Highlights
- All main metropolitan areas of the Montreal CMA recorded a slowdown in activity at the start of 2023. Compared to January of last year, the decline varies between 26 per cent and 39 per cent. Decreases were lower in Vaudreuil-Soulanges (79 sales), the North Shore of Montreal (441 sales) and Saint-Jean-sur-Richelieu (51 sales), respectively, -26 per cent, -33 per cent and -35 per cent. The South Shore of Montreal, with 405 transactions, saw a decrease in sales comparable to the CMA as a whole (-36 per cent). Finally, Laval (171 sales) and the Island of Montreal (644 sales) recorded a more marked decline in activity, with -38 per cent and -39 per cent, respectively.
- The decline in transactional activity is present in all property categories. With 157 sales in January 2023, plexes suffered the most notable decline compared to the same period a year ago (-52 per cent). Condominiums follow at 733 sales, a drop of 38 per cent, down to the same level recorded in 2017. Finally, the number of transactions for single-family homes declined by 31 per cent, down to 898 sales. Note that this is a historically low level for single-family homes. Since the Centris system began compiling market data in 2000, the number of sales in this property category has always exceeded the 1,000 mark for the month of January.
- A sign of an accumulation of properties on the market, active listings rose by 65 per cent in January 2023 compared to January 2022, to reach 15,020 listings in the Montreal CMA. This increase is accompanied by a rise in listings in all other property categories. It should be noted, however, that the single-family home category stands out with a significant increase of 89 per cent. The available inventory of properties thus slightly exceeds the pre-pandemic level of January 2020.
- All three property categories in the Montreal CMA saw a decline in their median price compared to January 2022. Condominiums, with a median price of $370,000, posted the smallest drop (-3 per cent) compared to the same period last year. Small income properties and single-family homes follow with respective decreases of -6 per cent and -7 per cent. Their median prices thus falling to $675,000 and $500,000, respectively.
- On a monthly basis, the decrease in the median price between December 2022 and January 2023 is less marked, i.e., between -1 per cent and -2 per cent, or between -$5,000 and -$15,000. The median price of condominiums was the most stable, with a drop of only -1 per cent. For their part, plexes and single-family homes both recorded a decrease compared to the previous month of -2 per cent.
- As for the main metropolitan areas of the Montreal CMA, the drop in median prices (compared to a year ago) for single-family homes is more marked for Saint-Jean-sur-Richelieu (-20 per cent) and the South Shore of Montreal (-10 per cent). The Island of Montreal follows with a variation of -7 per cent, while the decrease in the median price was weaker in the sectors of the North Shore of Montreal (-5 per cent), Vaudreuil-Soulanges (-4 per cent) and Laval (-3 per cent).
Additional information:
Detailed and cumulative statistics for the province and regions
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.
About Centris
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.
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For more information:
Marie-Rose Desautels
Morin Relations Publiques
media@qpareb.ca
Image bank (credit QPAREB) available free of charge.