Montreal Area Home Prices Have Dipped — Here's A Breakdown By Region
But don't get your hopes up just yet.
Home prices slipped and sales plummeted across the Montreal area in December. That's according to the Quebec Professional Association of Real Estate Brokers (QPAREB), which released its first report of 2023 on January 5. The association gave a snapshot of home price trends in the five zones that comprise the metro area: Montreal Island, the North and South Shore, Vaudreuil-Soulanges and Saint-Jean-sur-Richelieu.
Overall, median prices were down 3% for single-family homes (to $510,000), 1% for condos (to $375,000) and 6% for multi-family homes, plexes, (to $690,000) in December 2022 compared to December 2021.
But the declines may not be evidence of longer-term trends. According to QPAREB Market Analysis Department Director Charles Brant, the market usually cools in December and that there are still forces preventing bigger price drops.
Right now, Brant suggests people are mostly waiting to see which way the market goes.
"Although December is generally not the month that best reflects actual market dynamics, there is a certain wait-and-see attitude," he added.
"On the one hand, buyers are hoping that market conditions will improve in their favour. Sellers, on the other hand, are hoping for a stabilization of the market. Active listings continue to rise significantly due to a build-up effect, which could help to vindicate buyers in the coming months."
Here's where things currently stand across the metro area, according to the QPAREB.
On Montreal Island, the median single-family home price fell 7% to $653,200 and the median plex price decline matched the metro average: 6% (to $732,000). The median condo price, meanwhile, ticked up by 1%, to $435,000.
In Laval, according to the QPAREB report, the median price change was 4% for single-family homes, down to $486,000. The median condo price in December 2022 was $356,000, a decline of less than one percent compared to December 2021 (the QPAREB says there wasn't enough data for plexes).
Across the Rivière des Mille-Îles, in the Laurentides and Lanaudière regions, the QPAREB noted a 6% decline in the median single-family home price, to $440,000, and a whopping 19% decline in the median plex price, to $442,500. But the median condo price shot up 7%, to $322,000.
Median prices on the South Shore (Montérégie) in December 2022 were $517,000 (down 6% compared to December 2021) for single-family homes, $335,000 (down 3%) for condos and $645,000 (up 5%) for plexes.
West of the city, in the Vaudreuil-Soulanges MRC (also in Montérégie), the median single-family home price climbed 7% in twelve months to reach $542,250 (the QPAREB says there wasn't enough data for condos and plexes).
And finally, in the Montérégie city of Saint-Jean-sur-Richelieu, the median price of a single-family home fell 14%, reaching $420,000 in December (the QPAREB says there wasn't enough data for condos and plexes).
This article's cover image was used for illustrative purposes only.