That's a wrap on Q2 in the Montreal housing market! If you're curious about recent real estate happenings, we have a quick and comprehensive summary ready to go.

What happened in the GMA?

In the Montreal Metropolitan Area, prices increased across the board compared to Q1 2023. Homes saw an increase of 8.4%, with an average price of $649,850. Condos went up 3.8% to an average of $451,957. And finally, multiplexes went up 4.8% for an average price of $755,197.  If we zoom out a bit further, though, prices are still down compared to their peak in Q2 2022. Homes are down 4%, condos are down 3%, and multiplexes are down 6%. So, despite rising prices compared to last quarter, it's still a very interesting time to get into the market.

What happened on the island?

On the Island of Montreal, quarter-on-quarter increases were slightly lower compared to the GMA. Homes went up by 7.6% for an average price of $909,786. Condos were up 2.6% at an average price of $511,759. And multiplexes increased by 3% to hit an average price of $819,220.  Seeing as on-island prices rose a little bit less than the surrounding area, they remained even lower compared to the Q2 2022 peak. All in all, homes are down 6%, condos are down 4%, and multiplexes are down 8%.

Days on market

This quarter, it took longer to sell a property on the Island of Montreal compared to the same period in 2022. Homes took an average of 59 days to sell (an increase of 29 days) while condos took 58 days (an increase of 21 days). Multiplexes took an average of 72 days to sell, which is 28 days more than Q2 of last year. That being said, these numbers have all come down compared to Q1 2023.

The bottom line

So, what does this mean for the Montreal real estate market right now? While home prices are up compared to Q1, they're spending less time on the market.  This is mostly due to interest rates staying in the mid to high 4% range for most of the quarter. Reduced interest rates gave buyers more buying power and allowed prices to start ticking back up. It was a classic spring market in full effect! Looking ahead, Q3 is going to be an interesting one. With both fixed and variable rates having just undergone an increase, we're excited to see how buyers will react. Our best prediction is that the market will be a bit quieter than normal: we're currently in our traditional “summer vacation” period, when most buyers wait until after the construction holiday to pick their searches back up. Want to stay up-to-date on the latest interest rates? Reach out to our team and we'll put you on the list for weekly updates!