We have made it to the middle of the year! This is the perfect time to look at how the Montreal real estate market is doing and what it means for the rest of the year.
Lately, the market has been acting like a scale trying to find its perfect balance. It is not super crazy like it was a few years ago, but it is not crashing either. Let’s break down the two biggest parts of the market: sales (how many homes are being bought) and inventory (how many homes are available to buy).
1. Fewer Homes Are Being Sold (Sales Volume)
Fewer people are buying homes right now. Across Montreal, home sales dropped by about 7% compared to the same time last year.
Why is this happening? There are a couple of reasons:
- The Job Market: The local job market has cooled down a little bit, making some people more careful about big spending.
- Affordability: Buying a home still costs a lot of money, which means some buyers are waiting on the sidelines.
2. More Choices for Buyers (Inventory)
The biggest news right now is that the number of homes for sale is climbing. In fact, there are over 21,000 active listings across Montreal. This is about 14% higher than last year!
However, this looks different depending on the type of home you want:
- Condos: If you want a condo, you are in luck. Condo listings are up by 19%. Downtown Montreal has turned into a buyer’s market for condos, meaning buyers have a lot of room to negotiate.
- Houses and Plexes: Finding a single-family home or a duplex/triplex is still tough. Inventory is growing much slower here, and these homes still sell very fast (often in just 30 to 39 days).
What is Happening to Prices?
Even though sales are down and inventory is up, home prices are not dropping. Because we still have a housing shortage in Quebec, prices are actually holding steady or rising a little bit.
The median price for a single-family house sits around $645,000 (up 3% from last year), while plexes climbed 6% to $875,000. Condos have stayed mostly flat at a median of $430,000.
The Big Takeaway: Sellers still hold the upper hand for houses and plexes because they are hard to find. But for condos, especially near the city center, buyers finally have the power to take their time and make a deal.
Whether you are thinking of moving or just want to keep an eye on your home’s current value, I am always here to chat. Feel free to reach out anytime!