Renting in Canada today can be challenging, but some cities are making it easier with a perfect blend of affordability, quality of life and community. Point2 identified the best cities for renters by analyzing 24 metrics across these areas, ranking Canada’s 100 largest cities.

These cities offer the best of all worlds for renters

In these top-ranking cities, renters can enjoy a well-balanced lifestyle without feeling like they’re in limbo until they can buy a home. Seven cities in Quebec and Cape Breton, Nova Scotia, boast the lowest average rents, all under $1,000, making them ideal for those seeking affordability.

Meanwhile, cities like Toronto, Oakville and Montreal have the largest inventories of rental homes, offering plenty of options, while the highest number of new rental unit starts are found in North Vancouver, B.C.

St. John’s, Newfoundland emerges as a standout city, striking the right balance between economic opportunity and vibrant community life. Cities in Quebec dominate the rankings, with Sherbrooke, Quebec City and others offering the most satisfying renter lifestyles, where tenants thrive rather than just making do.

Economy & housing hotspots: Quebec renters for the win

In terms of economic and housing conditions, 18 out of 19 Quebec cities lead the pack, highlighting their exceptional quality of life for renters.

Wood Buffalo, Alberta, also shines as an affordability haven, where nearly 83 per cent of renters spend less than 30 per cent of their income on housing costs.

Best spots for quality of life: Quebec & Ontario

Quality of life is crucial for renters, and factors like safety, walkability and access to green spaces make British Columbia and Ontario stand out. Vancouver and North Vancouver are praised for their walkability, while Caledon, Ont., boasts the highest greenness score.

The least stressed renters are found where life feels the most comfortable: St. John’s, Saskatoon and Oshawa.

Connecting to community: Victoria, B.C. takes first place

Community connections are vital, and Victoria, B.C., leads in this category with high scores for access to restaurants, museums and educational opportunities. Each province has cities that excel in building a strong sense of community, proving that renters can find a fulfilling lifestyle across Canada.

Review the full report here.

The Quebec Professional Association of Real Estate Brokers (QPAREB) reported 26,166 residential sales in 2024’s second quarter, a 12 per cent jump compared to the same time last year and higher than the average recorded for this time of year since 2000.

“The momentum of the first quarter continued in most Quebec regions with an increase in sales and prices in the second quarter. Although the peak spring season lived up to expectations in terms of sales, it may have disappointed many buyers who anticipated benefitting from both an increase in property inventory and the first drop in the key interest rate in four years.

In reality, only those looking for a property in a recreational market benefited from more choice. This is particularly the case in Estrie, Laurentides and Lanaudière. Generally speaking, properties sold less quickly in these markets, particularly less desirable homes with less desirable features or those in flood zones,” notes Charles Brant, QPAREB market analysis director.

A seller’s market, especially for plexes

Brant says that overall, the rise in active listings has been limited with market conditions continuing to favour sellers, including plexes:

“This property category experienced particular popularity due to the homeownership strategy of first-time homebuyers, as well as the interest of investors in more attractive rental income. Even if the lack of properties on the market continues in a number of sectors in the Montreal region, it is especially proving problematic in the Quebec City region and leading to new price peaks, all categories combined.”

Quarterly highlights for Quebec

There has been growth in transactional activity by property category between +10 per cent and +21 per cent from the second quarter of 2023 to the second quarter of 2024. Plexes, with 2,414 sales, saw a 21 per cent increase, while single-family homes (17,042 sales) and condominiums (6,630 sales) followed with increases of 11 per cent and 10 per cent, respectively.

In 2024’s second quarter, the province had 38,333 active listings, a jump of 22 per cent compared to the same period in 2023. However, this was still well below the historical average of 49,330 listings.

The single-family home median price across Quebec in 2024’s second quarter grew by five per cent compared to the same period last year, reaching $452,500. The median price of condominiums rose by three per cent to $379,000 compared to the same period last year. Small income properties, with a median price of $603,500, saw a 10 per cent increase during the same period.

Review the full report, including regional highlights, here.

Quebec realtors are facing an increasing number of disciplinary cases amid accusations of “financially abusing” their clients, CTV News reports.

Specifically, some are being accused of taking advantage of and making a quick profit from vulnerable or elderly homeowners by buying their homes themselves for a lower (than market) price and reselling them for much more. This was found over the past few years by the disciplinary committee of the Organisme d’autoreglementation du courtage immobilier du Quebec (OACIQ), which oversees the province’s real estate brokers.

The article describes this practice as “outright financial exploitation,” according to Jacinthe Roy, executive director of large senior organization, Reseau FADOQ. It also notes that Paul-René Roy, president of the Association quebecoise des retraite(e)s des secteurs public et parapublic (AQRP) says the organization considers these practices to be “profoundly inhumane and contrary to professional ethics.”

Conflict of interest complaints up 12% over one year

It goes on to note that OACIQ spokesperson, Joanne Beauvais, explains realtors wanting to buy property from a potential client should not be signing a brokerage agreement, as under contract they must represent their client’s interests above all else, including their own needs. This is called double representation and hasn’t been allowed in the province since 2022.

In an email to REM, the OACIQ confirms that the number of conflict of interest complaints from the public jumped from over 31 per cent in 2021 to over 43 per cent the following year (this then went down to 11.3 per cent in 2023). One example cited in the article is a realtor purchasing property from two clients and making $500,000 in profit. An investigation was launched following a complaint, and she was fined $150,000 for conflict of interest.

The OACIQ shares that after conflict-of-interest cases are investigated, the syndic decides whether to file a complaint with the discipline committee. Over the past three years, the percentage of requests for assistance received by the OACIQ increased by about two per cent.

‘(Realtors) must perform their duties ethically, in the interests of buyers & sellers, and in compliance with the Real Estate Brokerage Act’

In light of the issues, the Quebec Professional Association of Real Estate Brokers (QPAREB) released this statement on July 3: “QPAREB firmly and unequivocally denounces any illegal acts committed or that may have been committed by certain real estate brokers, as reported today and in recent months in various media forums. Real estate brokers must at all times perform their duties ethically, in the interests of buyers and sellers, and in full compliance with the Real Estate Brokerage Act.”

QPAREB president, Serge Brousseau, continues:

“This is a situation we take very seriously. We have taken note of the actions reported by the media, and we are determined to find lasting solutions that will ensure that our professional activities are practiced in an exemplary manner. For several months now, we have been working on a plan to ensure the professionalism of each and every one of our members, in full complementarity with the oversight role of OACIQ.”

The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its April data on Quebec’s residential real estate market, which notes that sales in Quebec City totalled 976 last month, an increase of 18 per cent compared to the same period last year and the second-highest level for this time of year since 2000.

Montreal saw 4,688 sales last month, which was 26 per cent higher than the same period last year and slightly under the historical average for this time of year.

Rebound results in tighter, seller-favoured market conditions

About the Quebec City market, Charles Brant, QPAREB’s market analysis director, says, “April posted robust sales well above the historical average, and which even compared to the all-time highs reached for this time of the year during the pandemic. This rebound, different from what is happening in other Quebec markets, is an intensification of the upward trend in the number of transactions.

The result is a tightening of market conditions in favour of sellers and the emergence of acute overheating conditions, leading to an increase in cases of overbidding, particularly in Quebec City’s central metropolitan area and the south shore. Just as in Montreal, the higher price segments experienced the greatest variation in the level of activity, resulting in a considerable increase in the median price, particularly for condominiums.”

Quebec City highlights

The South Shore of Quebec saw 42 per cent more sales compared to April 2023, while the Northern Periphery of Quebec City was up by 41 per cent during this time.

Transactional activity by property type sat between 13 per cent and 34 per cent, with single-family home sales reaching 629, condominium sales reaching 272 and small-income properties reaching 75 sales.

Active listings last month declined by nine per cent from a year ago, due to a drop in listings of condominiums and plexes. This is the third-lowest inventory of available properties for this time of year since 2000.

Median prices were up compared to the same time last year, with condominiums reaching $276,500 (19 per cent up), single-family homes reaching $381,340 (nine per cent up) and plexes reaching $425,000 (four per cent up). As well, median prices for all property types were up from March.

Reactive recovery market with repeat buyers taking action

About the Montreal market, Brant shares, “Following an early rebound in activity in February, a very reactive recovery of the market took place in April due to two clear factors: an increasingly obvious and imminent return to a downward cycle in interest rates, in addition to a resumption of price growth that this drop in rates may suggest.

However, even if purchasing intentions are tangible, the ability to take action belongs to repeat buyers as prices in the Montreal region have reached the highs of 2022 for the same time of year. Helped by better market fluidity, the wealthiest are particularly active in single-family homes and condominiums in price ranges above $700,000 with sales up by 48 per cent in this price segment, compared to 25 per cent for all price ranges combined.”

Montreal highlights

All of Montreal’s main metropolitan areas saw higher property sales in April, with Laval’s increase the highest at 35 per cent compared to the same period last year.

Transactional activity by property type sat between 24 per cent and 34 per cent, with single-family home sales reaching 2,438, condominium sales reaching 1,814 and small-income properties reaching 433 sales.

Active listings last month went up by 19 per cent from a year ago across all property types. This was slightly under the historical average for this time of year.

Median prices were up compared to the same time last year, with condominiums reaching $400,598 (three per cent up), single-family homes reaching $575,000 (seven per cent up) and plexes reaching $754,000 (four per cent up). Overall, median prices for all property types were stable compared to March.

The Quebec Professional Association of Real Estate Brokers (QPAREB) has unveiled its latest data on the residential real estate market in Quebec, showcasing significant growth in the first quarter of 2024.

According to the report, province-wide residential sales reached 21,337, marking a 17 per cent increase compared to the same period in 2023. Despite this surge, sales levels remain just below historical averages for this time of the year.

First quarter since 2021 with double-digit rise in sales

“This is the first quarter since 2021 to have posted a double-digit rise in sales, something we have not seen in the last ten quarters. This rebound in activity was observed in all CMAs across the province, with the exception of Gatineau and Trois-Rivières,” says Charles Brant, QPAREB market analysis director.

However, he points out that the results must be put into perspective: “Although the number of sales seems to indicate a recovery, which will have to be confirmed in the second quarter, it remains slightly below the historical average for this period of the year.”

Brant attributed this resurgence to several factors, including a decline in the Consumer Price Index and optimistic signals from the Bank of Canada regarding potential interest rate cuts.

A move toward recovery in many markets

Furthermore, Brant highlighted a notable increase in the number of properties listed for sale in many markets, signalling a move toward market recovery. This increased fluidity in the market offers more opportunities for buyers, particularly in the small-income properties segment. 

However, certain markets, such as Quebec City CMA, still exhibit unbalanced conditions favoring sellers, he notes.

First-quarter provincial highlights

Source: QPAREB

Sales

Transactional activity across property categories increased between 16 per cent and 26 per cent, with plexes experiencing a 26 per cent surge.

Growth in sales was most pronounced in CMAs such as Sherbrooke, Saguenay and Quebec City, recording increases ranging from 21 per cent to 34 per cent.

Urban centers like Rawdon and Saint-Hyacinthe saw substantial sales gains, while markets like Riviere-du-Loup and Victoriaville witnessed large declines.

Active listings

The number of active listings surged by 20 per cent compared to the first quarter of 2023, reaching 36,666 province-wide.

Median prices

Median prices for single-family homes, condominiums, and small-income properties witnessed significant increases (10 per cent, 5 per cent and 15 per cent, respectively) compared to the previous year.

Market conditions

Despite the increase in active listings, the market continues to favour sellers, with the number of months required to sell inventory remaining relatively low at 5.1 months (for all property categories combined).

Selling times

Average selling times for different property types remained consistent compared to the previous year, with single-family homes averaging 64 days, condominiums averaging 62 days and small-income properties averaging 83 days.

Review statistics in detail for the province’s first quarter, and for March.

Results of a major survey on Quebec’s residential real estate market were recently released by the Societe d’habitation du Quebec (SHQ) and the Quebec Professional Association of Real Estate Brokers (QPAREB).

Conducted by Léger in fall of 2023, the survey of 4,162 respondents outlines home-buying and -selling intentions over the next five years and what this means for the province’s rental market. It centred on effects and behavioural changes from post-pandemic impacts, like high interest rates, on consumer choices.

Strong home-buying intentions

Despite soaring property prices and interest rates, Quebec households remain committed to their intentions to purchase homes.

The survey highlights that 20 per cent of respondents bought a property within the past five years, with intentions to buy holding steady at 22 per cent in 2023, slightly up from 21 per cent the year prior. Notably, younger demographics, particularly those aged 18 to 34, show strong interest in homeownership despite financial constraints.

Rising property prices

The average expected price for a principal residence over the coming years is $440,000, marking a significant 34 per cent increase from 2020.

This surge in prices, coupled with high interest rates, poses challenges for prospective buyers, with only 72 per cent of Quebecers able to meet their financial obligations easily in 2023, down from 86 per cent in 2021.

Preference for single-family homes

Single-family homes remain the top choice for prospective buyers, accounting for 81 per cent of home-buying intentions.

Condominiums, while still popular, face challenges due to rising fees, which increased by 20 per cent over the past two years.

Limited selling intentions

Despite some increase in selling intentions, particularly among young homeowners looking to upgrade, only 14 per cent of Quebec homeowners plan to sell their properties over the next five years.

This limited supply could contribute to a potential deficit in the housing market.

Rental market under pressure

The rental market experiences upward pressure on rents due to limited property supply.

Tenants face challenges, with average rent prices steadily increasing from $862 in 2021 to $963 in 2023, with the Montreal CMA recording the highest rent prices at $1,045.

Efforts to increase rental housing

Recognizing the challenges faced by tenants, the SHQ emphasizes efforts to increase the supply of rental housing.

However, low vacancy rates in many regions highlight the need for early housing searches and financial assistance for tenants.

Get more information on the survey results and implications for the province.

The Quebec Professional Association of Real Estate Brokers (QPAREB) reports there were 75,853 residential sales in Quebec last year, which is 13 per cent less than 2022 volume and slightly lower than the historical average.

“An orderly normalization of the Quebec market took place in 2023, despite a context that has been marked by a brutal hike in interest rates since 2022. Since the start of the pandemic, younger households have had to bear the brunt of sharply rising prices. However, the story is different for repeat buyers, who, thanks to their strong financial capacity, were able to weather the increase in property values. However, a reduction in the pool of qualified first-time homebuyers can adversely affect the transactional chain. For a market to be fluid, there must be a sufficient number of first-time homebuyers,” notes Charles Brant, QPAREB’s market analysis director.

Last year’s Q4 shows fewer first-time buyers, low sales and inventory

“The fourth quarter reflects a market with even fewer first-time homebuyers. Two factors are influencing the postponement of purchase plans: a climate of economic uncertainty and expectations of a drop in interest rates in 2024. The same behaviour is observed in sellers, who note that buyers are more cautious and hesitant. Sellers are therefore also likely to postpone their sales project until a future date,” Brant continues.

“The year thus ended with a low transaction level and relatively few properties available for sale. The result is a stagnation of the market which remains squarely in sellers’ territory. Consequently, prices are generally remaining under pressure, either increasing or remaining stable. Only rarely in certain markets with the highest property prices are they falling.”

Sales and active listings

Province-wide, all property types experienced a sales decline, varying from about -10 per cent and -21 per cent. Two-to-five-unti plexes sharply dropped by -21 per cent, while condominiums and single-family homes saw decreases of 15 per cent and 10 per cent, respectively.

Gatineau, Montreal and Sherbrooke saw the largest metropolitan area declines: -15 per cent, -14 per cent and -14 per cent, respectively. Urban centres experienced greater sales decreases than other areas between 2022 and 2023.

La Tuque and Charlevoix dropped by 36 per cent and 25 per cent, respectively, while the Sainte-Adèle and Montmagny markets were up, by 1 per cent and 8 per cent, respectively.

2023 saw inventory rise by 24 per cent across the province, with the number of active listings at 32,154 (though still well below the historical average).

Prices

Quebec’s median single-family home price was $416,500, no change compared to 2022. The median price of condominiums dropped to $360,000, about 1 per cent less than it was in 2022.

Market conditions

The market remains in favour of sellers, despite slower activity and more active listings. The number of months required to sell inventory is up to 5.1 months.

The average selling time for single-family homes was 54 days in 2023,  13 days more than in 2022. Condominiums and small-income properties took 58 days and 75 days, respectively.

Get more information here.

Quebec realtors should see a return to a normal market next year with stable prices, sales close to historical norms and no big surprises, forecasts the Quebec Professional Association of Real Estate Brokers (QPAREB).

More stable activity will give buyers and sellers a bit more time to prepare their transactions and negotiate well. “That’s always favourable for a realtor,” says Stéphanie Lapierre, QPAREB’s chief economist. “We’re no longer in a race, even if there’s still a bit of overasking.”

Slight transaction drop expected next year

Lapierre was speaking on the heels of the association’s December 14 release of its 2023 year-in-review and 2024 outlook for Quebec’s residential real estate market.

The association forecasts a slight 2 per cent drop in provincewide transactions next year to 74,719, from an estimated 76,036 in 2023. “But that’s very close to the historical average in Quebec of 78,000 transactions” for the last 20 years and “still a good year for the Quebec real estate market,” Lapierre says.

In contrast, there were more than 112,000 transactions in 2020, the first year of the pandemic. Sales dropped 20 per cent in 2022, however, as interest rates began to rise.

“As interest rates will remain high at the beginning of 2024, we think sales will remain weak at the start of the year, but activity will pick up during the year (as inventory remains low),” she adds.

A slight increase in the unemployment rate next year from 4.3 per cent to 5.3 per cent and a slowdown in the economy won’t help matters.

More buyer negotiating power — but not for long

Along with weak sales, the association forecasts an increase in new listings as 2024 begins, which will allow the market to benefit from more balanced conditions, as buyers will be able to negotiate better terms.

However, the situation will be short lived, as the first announcements of Bank of Canada interest rate cuts later in the year will lead to a market upturn. Immigration will also spark demand.

The association forecasts a drop of 75 basis points by the central bank in 2024 but “some economists are going further,” Lapierre says.

QPAREB says there should be no significant variation in median prices for single-family homes in the province during 2024.

Price increases to come in Montreal and Quebec City

In Montreal, however, median prices for single-family homes should increase 2 per cent to $549,400 next year and condos should increase 1 per cent to $395,600. 

The metropolitan Montreal area is expected to see 36,285 transactions this year, 15 per cent less than in 2022. The transaction number should drop to 35,230 in 2024, a 3 per cent decline over 2023.

Quebec City will go against the flow and outperform the province, Lapierre says, with a 5 per cent increase in single-family home prices (to a median of $368,000) due to a lack of availability, while condominiums will see a modest 1 per cent growth in prices, to a median of $244,900. 

In 2023, regions with median prices lower than the provincial mean saw prices reach new peaks, while regions with higher prices saw slight declines.

Overbidding common in the capital

The share of overasking in the province was in sharp decline from January to November of this year, falling to 11 per cent for single-family homes, a 22 per cent drop from last year, QPAREB reports.

The provincial capital remains one of the few areas of the province where it’s common for houses to sell above asking prices, with one out of every four transactions last month seeing overbidding, Lapierre notes. “That’s because demand for single-family homes is strong but availability in Quebec City is low.”

“It’s much more common for houses to sell for over asking price in regions of the province where prices are more affordable than in Montreal,” she adds.

However, given a lack of listings, houses in Montreal that are of good quality, not in need of renovations and well-priced can be subject to overbidding, she says.

QPAREB also notes there has been a return to a healthier negotiation process in Quebec. For example, in October of this year, 70 per cent of houses sold in the province went for asking price, 23 per cent for under-asking and 7 per cent for over-asking.

Lapierre points out that, overall, Quebec’s residential real estate market is well-positioned for more balanced conditions in 2024, given the resilience of the province and low household debt.

The Quebec Professional Association of Real Estate Brokers (QPAREB) reports stable sales, near what they’ve historically been in the Montreal Census Metropolitan Area (CMA) — despite a weak start to the fall season. This has imbalanced the market towards sellers, with higher prices than seen in November last year.

QPAREB notes the Quebec City CMA saw sales decline last month compared to the same time in 2022. This is after four consecutive months of increases. The area’s active listings are gradually increasing but remain at historically low levels. The CMA is seeing upward prices, especially for condominiums.

Montreal CMA highlights

Source: QPAREB

There were 2,664 units sold in the Montreal CMA last month, a decline of 1 per cent (36 transactions) compared to the same time last year. This is the second-lowest transaction level for the time of year since the start of market data compilation in 2000.

Active listings across all property types went up by 11 per cent in November compared with a year ago, hitting 17,715. Available property inventory hasn’t been this high since summer 2019, which is still well below the historical average.

“Unlike other large Canadian metropolitan areas such as Toronto and Vancouver, the residential market in the Montreal region is not experiencing a rapid increase in the number of properties returning to the market … Due to much lower property prices, the debt level of Montreal households and the budget allocated to monthly mortgage payments are significantly lower than in the two other Canadian metropolises,” Charles Brant, QPAREB market analysis director points out.

“It should also be noted that the inability of some buyers to qualify for a mortgage is keeping sales at low levels, contributing to pressure on the rental market. In this context, the market for small income properties seems to be finding renewed appeal among investors, as rates stabilize, while offering other advantages to those wishing to become owner-occupants.”

All median prices were up compared with November of last year: condominiums were at $395,275, an increase of 4 per cent, single-family homes were at $539,700, an increase of 4 per cent and plexes were at $731,250, an increase of 2 per cent.

Quebec City CMA highlights

Source: QPAREB

The Quebec City CMA had 636 sales during November. Similar to the historical average, this is a 34 transaction, or 5 per cent, decrease compared with November 2022.

Active listings hit 3,174 last month, a 5 per cent increase from last year. By property type, single-family homes and plexes went up (by 8 and 5 per cent, respectively), but condominiums went down (by 3 per cent).

“Activity in the Quebec City market is showing signs of running out of steam. While single-family homes are still relatively affordable, their price has reached a threshold which makes it more difficult for households to qualify for a mortgage. In the Quebec City region, half of the single-family homes sold above $360,500 in November,” Charles Brant, QPAREB market analysis director notes.

“The dynamic is therefore favourable to the condominium market, which holds the top spot in terms of transactional activity in November. This property category is popular both with young homebuyers as well as with repeat buyers, usually around retirement age, in more upscale segments,” Brant adds.

As for median prices, single-family homes were at $360,500 in November, a 4 per cent boost from the same time last year. Condominiums increased by 16 per cent to $259,000, while plexes went down by 1 per cent to $389,000.

Last month, the Quebec City Census Metropolitan Area (CMA) had its third-best October in 23 years. This meant tight market conditions in a sellers’ market, with high prices and the lowest level of listings in 15 years.

On the other hand, the Montreal CMA saw its second-lowest transaction level for October in 23 years.

Quebec City CMA

The Quebec Professional Association of Real Estate Brokers (QPAREB) reports the CMA saw 729 sales, an increase of 89 transactions which is up 14 per cent from the same time last year.

“The Quebec City market continues to impress with its imperviousness to national bad news. This resilience is based on the robustness of the region’s economy, but also on property prices which, in addition to their enviable position compared to other major markets, are experiencing more gradual growth,” notes Charles Brant, QPAREB market analysis director, in a release.

“However, the situation could change if prices continue to increase at the same pace in the coming months. As in any market that presents problems of imbalance between supply and demand, the continuous rise in prices attracts investors despite the higher interest rates. This context could exacerbate speculative behaviour harmful to the housing market in general.”

Over 40 per cent climb in sales

Source: QPAREB

Small income properties stand out among property categories, with 61 sales, a 42 per cent jump. Active listings hit 3,029, a 3 per cent increase over last year, while average selling time for small income properties was 65 days, 5 days longer than October 2022.

The median price of single-family homes last month was up 1 per cent from October 2022 at $350,000, while the same for condominiums increased by 4 per cent to $249,000 and plexes went down 9 per cent to $385,000.

Montreal CMA

At the same time, the Montreal Census Metropolitan Area (CMA) market slowed as active listings returned to pre-pandemic levels – a first for the city. That said, the market still favours sellers as prices climb.

QPAREB reported October sales in the Montreal CMA totalled 2,675, a drop of 2 per cent from the same period last year.

“While there are fewer active buyers in the market, there continues to be latent interest in buying a property. The combination of various negative factors has fuelled a sense of caution and led to a deferment of purchasing plans … Uncertainty has been created by the rapid slowdown of the economy and a greater difficulty in accumulating or maintaining sufficient savings to cover all eventualities,” notes Brant.

“Fixed interest rates, which are now preferred for most new mortgages, have been well above 6 per cent for the shortest-term mortgages since September. This further limits buyers’ ability to qualify with conventional lenders. As a result, the Bank of Canada’s decision not to increase the key rate did not have the stimulating effect on demand as was the case during the last pause,” the director continues.

“The result is an increase in the number of properties on the market to a level not seen since the start of the pandemic. This situation is conducive to a market rebalancing and a plateauing or decline in prices. It also provides more choice in the market for experienced buyers with enough equity to avoid the need for significant mortgage financing.”

Higher inventory and prices, fewer sales

Source: QPAREB

The Island of Montreal and South Shore of Montreal stood out with transaction increases of 7 per cent and 8 per cent compared to the same period last year (1,022 transactions and 654 transactions, respectively).

The North Shore of Montreal (607 sales), Laval (235 sales), Vaudreuil-Soulanges (105 sales) and Saint-Jean-sur-Richelieu (52 sales) had sales declines of 12 per cent, 17 per cent, 19 per cent and 30 per cent, respectively.

Total active listings were up 12 per cent to 17,518 compared to a year ago. The inventory level hasn’t been this high since summer 2019. Average selling time for small income properties was 60 days, which was 7 days longer than October 2022.

Finally, median prices in all categories grew compared to the same period last year. Single-family homes were at $545,000, up by 7 per cent, plexes at $735,000, a 5 per cent jump, and condominiums went up to $390,000, an increase of 3 per cent.