Montreal housing market: Average sales expected to increase by 13% in 2023

There’s no question that the price of homes in Montreal has risen dramatically in recent years. The hopes of buying one of your own, though, should not be dismissed entirely. Relief may be coming next year.

According to RE/MAX’s newly published Greater Montreal Housing Market Outlook, “in the post-pandemic, housing demand is beginning to return to pre-pandemic levels.”

The report says that the Greater Montreal area’s luxury market is expected to continue cooling in 2023, resulting in more opportunities for prospective buyers. As a result, “prices are expected to adjust downward slightly in 2023.”

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In 2022 the average home price in Montreal was about $556,000.00. RE/MAX says, “Average sales are expected to increase 13%” next year.

On the national scale, RE/MAX is anticipating a decline of 3.3% in average residential sales prices across the Canadian housing market next year. Poll results indicate that 60% of Canadians own their home, while 17% do not but intend to in the near future.

Finally, overall confidence in home ownership has increased by 49% since 2021, with the majority (73%) of Canadians saying they believe becoming a homeowner is the best long-term investment they can make.