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Montreal Housing Market Outlook for 2023
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Montreal’s housing market is experiencing a slowdown in 2023, but signs of stabilization are beginning to emerge. The first quarter of the year saw a sharp decline in sales activity due to rising interest rates, but the pace of decline is starting to ease—suggesting cautious optimism for the months ahead.
According to the Quebec Professional Association of Real Estate Brokers (QPAREB), January 2023 sales dropped 36% year-over-year, with only 1,791 homes sold—the lowest January sales figure since 2009. In February, sales fell again by 32%, and March saw a 28% decline. Though sales remain significantly below last year’s levels, the rate of decline has slowed, giving hope that the market is finding its footing.
Who’s Buying Montreal Real Estate?
Montreal remains a vibrant, cultural city attracting a wide range of buyers—from artists and creators to newcomers and families. Thanks to more affordable home prices compared to cities like Toronto or Vancouver, Montreal is especially appealing to first-time buyers.
With incentives such as the Quebec Home Buyers’ Tax Credit (up to $1,500) and the Home Purchase Assistance Program (which may refund your welcome tax), the city is creating an accessible entry point for new homeowners.
Interestingly, over 50% of luxury properties (over $1 million) in Montreal were purchased by non-residents prior to 2023—more than any other major Canadian city. With the two-year foreign buyer ban now in place (as of January 2023), it remains to be seen how this segment of the market will adjust moving forward.
Average Home Prices in Montreal
The slowdown in sales has also extended the time homes spend on the market. In March 2023, the average days on market reached 76, which is 24 days longer than March 2022. However, median prices for single-family homes rose by 4% compared to the previous month—an early sign of price recovery.
[Placeholder: Chart – Montreal Home Sales, New Listings, and Average Prices: Jan–Mar 2023]
| Month | Avg. Price | Units Sold | New Listings | SNLR |
|---|---|---|---|---|
| Jan 2023 | $529,020 | 1,791 | 4,598 | 38.95% |
| Feb 2023 | $535,190 | 2,996 | 5,314 | 56.38% |
| Mar 2023 | $550,956 | 3,947 | 6,487 | 60.84% |
The Sales-to-New-Listings Ratio (SNLR) shows a shift from a buyer’s market in January to a more balanced one by March. If this trajectory holds, Montreal may even enter a seller’s market by the summer.
Montreal Real Estate Breakdown by Region
Here’s a regional snapshot of average home prices across the Montreal metropolitan area (year-to-date):
🏘️ Montreal Regional Home Price Breakdown – 2025
Here’s a look at average home prices across major boroughs in Montreal. These figures are approximate and reflect Q2 2025 market trends.
| Region | 🏠 Avg. Price | 📈 1-Year Change |
|---|---|---|
| Ville-Marie (Downtown) | $690,000 | +4.2% |
| Plateau-Mont-Royal | $715,000 | +3.8% |
| Rosemont–La Petite-Patrie | $660,000 | +2.5% |
| Verdun | $640,000 | +5.1% |
| Lachine | $590,000 | +3.2% |
📌 Tip: Prices tend to be highest near the city core (Plateau, Ville-Marie), while emerging areas like Verdun and Lachine offer slightly more affordable options with solid growth.
| Region | Avg. Home Price |
| Island of Montreal | $633,082 |
| Laval | $511,918 |
| North Shore of Montreal | $468,510 |
| South Shore of Montreal | $507,635 |
| Vaudreuil-Soulanges | $524,298 |
| Saint-Jean-sur-Richelieu | $451,746 |
(Source: Fenetre Sur le Marché Immobilier)
Frequently Asked Questions
Is the Montreal housing market going to crash?
Not likely. While sales volumes have dropped, prices are holding steady or rising in some segments. A recent pause in interest rate hikes is encouraging buyer activity.
Will housing prices increase in 2023?
Early data suggests yes. Median prices have shown signs of recovery, particularly in single-family homes. However, gains may be modest.
How do I get approved for a mortgage in Montreal?
Start by checking your credit score, debt-to-income ratio, and available down payment. From there, compare rates and apply for pre-approval with a trusted lender.
Final Thoughts
While Montreal’s housing market cooled in early 2023, the worst may be over. A decline in sales has started to level off, and price trends are beginning to reverse. With attractive incentives for first-time buyers and relatively affordable home prices, Montreal remains a desirable destination—especially for creatives, families, and new homeowners.
