Montreal Housing Market Report
- The average home sold price reached $576,760 in July 2022 for a 6% annual increase.
- While Montreal home sales are down 19% year-over-year, new listings and active listings are up significantly year-over-year.
- Median single-family detached's average price increased by 10% year-over-year to $550k.
- Median condo's average price increased by 9% year-over-year to $392k.
- Median plex's average price increased by 16% year-over-year to $776k.
The average home sold price for the month of July 2022 in Montreal’s housing market was $576,760, a 6% increase year-over-year. That’s 5% lower than the record-breaking $608,265 average sold price seen three months ago in April 2022. It’s also a 4% decrease month-over-month.
Sales activity in Montreal continues to decrease. There were 3,080 home sales in Montreal's housing market during the month of July 2022, a 19% drop from the 3,799 sales last year. Revisions to the Centris system database lowered last year’s number of sales in July 2021 to 3,772. However, that is still a revised 18% drop in sales year-over-year.
Looking at Montreal property types, the median price of a single-family home in Montreal was $550,000 in July 2022, up 10% year-over-year and down 4% month-over-month. There were 13% fewer single-family homes sold this month compared to last year, with 1,614 single-family home sales in July 2022.
The median price for condominiums went up 9% year-over-year to $391,500 for June 2022. 1,183 condo sales in July 2022 represent a 20% drop in sales year-over-year. The median price for plexes for July 2022 was $776,000, up 16% year-over-year, while plex sales are down 39% year-over-year to 281 sales.
Single-family homes had an average selling time of 25 days in July 2022, the same as last month in June 2022 but 2 days less from the 27 days seen in July 2021. Condos had an average selling time of 32 days, down from 43 days last July, while plexes had an average selling time of 43 days, down from 44 days last July.
Looking at market activity for the month of July 2022, the number of active listings in Montreal is up 28% year-over-year while new listings are up 22% year-over-year. This month, Montreal's sales-to-new listings ratio is 63%. Having a ratio above 70% generally means that it is currently a seller’s market. This shows that Montreal’s housing market is transitioning away from a seller’s market and toward a more balanced 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 month compared to last year, with sales in Toronto down 47% YOY and Vancouver sales down 43% YOY for July 2022. In contrast, Montreal’s 19% dip in sales year-over-year seems relatively tame in comparison.
As Montreal home prices recede and sales dwindle, it’s becoming clear that Montreal’s housing market has begun to stabilize and may even contract amid an environment of rising interest rates. 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.
Canadians sitting on high-levels of savings, brought about by increasing net worth during the pandemic, have buoyed housing prices in Montreal and in Canada. However, uncertainty around inflation and interest rates may cause homebuyers to give a second thought before withdrawing from their TFSA or RRSP in order to buy a home in Quebec.
Home Prices in Montreal
Single-Family Detached Home Prices in Montreal
| Statistics for July 2022 | ||
| Median Price: | $550,000 | 9.9% from Jul. 2021 |
| Units Sold: | 1,614 | -12.9% from Jul. 2021 |
Condo Prices in Montreal
| Statistics for July 2022 | ||
| Median Price: | $391,500 | 8.8% from Jul. 2021 |
| Units Sold: | 1,183 | -19.9% from Jul. 2021 |
Plex Prices in Montreal
| Statistics for July 2022 | ||
| Median Price: | $776,000 | 15.8% from Jul. 2021 |
| Units Sold: | 281 | -39.3% from Jul. 2021 |
Montreal Housing Market Statistics for All Property Types in July 2022
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Single-Family Homes in July 2022
Median Sold Price
Transactions
Market Overview for Condominiums in July 2022
Median Sold Price
Transactions
Market Overview for Plexes in July 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.