Montreal Real Estate Market Update | AUGUST 2023

The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for Montreal in the month of August 2023. In today’s video, we discuss exactly what those statistics are and what they mean.
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[@jeffhuang3119]

How would you interpret 7% price increase in single family house in Aug-23?

[@joshuamazzaferro]

In compared to August of 2022, when the median price for a single-family home was 525k, August 2023 had a median price of 561k. This would represent the 7% increase.
This stat is comparing prices based on that single month only. If we remember, interest rates began to really slow the market last summer so many buyers took a backseat. However, in August of this year, home sales were strong and buyers were active. Which resulted in them being more willing to buy higher priced homes. If you look at the year-date stats, prices are still slightly lower than the peak of 2022.