Montreal Housing Market Report
- Average home sold prices reached $608,265 in April 2022, a 13.5% annual increase and an all-time high.
- This is the first time that the average sold price in Montreal's housing market has been above the $600,000 mark.
- Median single-family detached prices increased by 16% year-over-year to $580k.
- Median condo prices increased by 15% year-over-year to $410k.
- Median plex prices increased by 14% year-over-year to $780k.
The average home sold price in Montreal broke through the $600,000 mark for the first time ever as Montreal housing prices continue to rise. $608,265 was the average Montreal home sold price in April 2022, an all-time high and an increase of 13.5% year-over-year. This marks the third consecutive month that Montreal’s housing market has seen record-breaking average home prices. The average sold price for Montreal in February 2022 and March 2022 were also all-time highs. This also represents a 3.5% price gain month-over-month when compared to March 2022’s average sold price of $587,415. In comparison, the average home sold price in Quebec City for April 2022 was $354,465, a 1.5% month-over-month increase.
There were 5,124 home sales in Montreal's housing market during the month of April 2022, an 18% drop from the 6,237 sales last year. Revisions to the Centris system database have lowered last year’s number of sales in April 2021 to 6,164. However, that is still a 17% drop in sales year-over-year. Despite the 18% year-over-year decrease in total sales, the total sales volume for April 2022 is only down 5% year-over-year. That's due to the higher average home prices in Montreal this month compared to the same time last year.
Looking at Montreal property types, the median price of a single-family home in Montreal was $580,000 in April 2022, up 16% year-over-year. There were 18.5% fewer single-family homes sold this month compared to last year, with 2,536 single-family home sales in April 2022.
The median price for condominiums went up 14.6% year-over-year to $410,000 for April 2022. 2,061 condo sales in April 2022 represent a 16% drop in sales year-over-year. The median price for plexes for April 2022 was $780,000, up 14% year-over-year, while plex sales are down 20% year-over-year to 522 sales.
Single-family homes had an average selling time of 25 days in April 2022, down from 27 days in March 2022 and 32 days in February 2022. Looking at last year, single-family homes had an average selling time of 28 days in April 2021. This means that single-family homes sold 3 days faster on average this month compared to last year. Condos had an average selling time of 32 days, down from 42 days last April, while plexes had an average selling time of 44 days, up from 43 days last April.
Looking at market activity for the month of April 2022, the number of active listings in Montreal is down 8% year-over-year while new listings are down 10% year-over-year. Montreal's sales-to-new listings ratio this month is 81%. That’s higher than March 2022’s sales-to new-listings ratio of 76%, but is still lower than December 2021’s extraordinary SNLR of 142%. The ratio is above 100% when sales outnumber new listings. Having a ratio above 70% generally means that it is currently a seller’s market.
The decrease in sales activity this month is similar to Toronto's housing market and Vancouver's housing market. Both Toronto and Vancouver have experienced considerable decreases in transaction volumes this April compared to last year, with sales in Toronto down 41% YOY and Vancouver sales down 34% YOY for April 2022. In contrast, Montreal’s 18% dip in sales year-over-year seems relatively tame in comparison. Canadian housing markets that have recently had significant year-over-year increases in sales, such as Calgary and Edmonton, are also seeing a slowdown in sales growth. Home sales in Calgary are up 80.5% YOY in February 2022 while Edmonton home sales are up 41% YOY. For April 2022, Calgary homes sales are only up 6% YOY, while Edmonton home sales are up just 2% YOY.
As Canada's inflation rate continues to rise and with plenty of Bank of Canada rate hikes in store, a cooldown in Montreal’s housing market might be seen over the coming months. Rising Montreal mortgage rates and Quebec City mortgage rates are likely to reduce affordability, limiting demand from Quebec home buyers.
Home Prices in Montreal
Single-Family Detached Home Prices in Montreal
| Statistics for April 2022 | ||
| Median Price: | $580,000 | 16.0% from Apr. 2021 |
| Units Sold: | 2,536 | -18.6% from Apr. 2021 |
Condo Prices in Montreal
| Statistics for April 2022 | ||
| Median Price: | $410,000 | 14.6% from Apr. 2021 |
| Units Sold: | 2,061 | -16.4% from Apr. 2021 |
Plex Prices in Montreal
| Statistics for April 2022 | ||
| Median Price: | $780,000 | 14.4% from Apr. 2021 |
| Units Sold: | 522 | -19.7% from Apr. 2021 |
Montreal Housing Market Statistics for All Property Types in April 2022
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Single-Family Homes in April 2022
Median Sold Price
Transactions
Market Overview for Condominiums in April 2022
Median Sold Price
Transactions
Market Overview for Plexes in April 2022
Median Sold Price
Transactions
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Housing Markets Across Canada
Data sourced from the Quebec Professional Association of Real Estate Brokers (APCIQ) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.