2023-12-06 17:18:52
Sellers still have the upper hand in the Greater Montreal residential market thanks to sales prices which remain high, despite a slowdown in real estate transactions in November.
Residential sales showed a decline of 1% compared to the month of November 2022, which represents the second lowest level of activity for this period of the year since 2000, according to the Professional Association of Real Estate Brokers of Quebec (APCIQ).
“Unlike other large Canadian metropolitan regions such as Toronto and Vancouver, the residential market in the Montreal region is not recording a rapid increase in the number of properties returning to the market,” noted Charles Brant, director of the Property Services APCIQ market analysis.
The number of real estate transactions is declining in almost all sectors of the census metropolitan area (CMA) of Montreal, except on the island where sales increased by 7% between November 2022 and 2023.
Laval as well as the North Shore and the South Shore of Montreal were less attractive to buyers with respective drops of 1%, 5% and 5%. The decline was even more pronounced for Saint-Jean-sur-Richelieu (-14%) and Vaudreuil-Soulanges (19%).
Small properties with income were particularly sought after since their sales increased by 36% in November compared to last year. The purchase of condominiums barely changed (+1%), while that of single-family homes fell by 8%.
Median prices are all increasing, regardless of the category of property on the market. Thus, the median price of condominiums stood at $395,275 (+4%), that of single-family homes at $539,700 (+4%) and that of plexes at $731,250 (+2%).
A similar trend in Quebec
For the first time in four months, the Quebec real estate market began to record some slowdowns, with a 5% drop in transactions in November compared to November 2022.
“Activity in the Quebec market is showing signs of slowing down. Indeed, although still rather affordable, the price of single-family homes has reached a threshold which can cause more difficulties for households to qualify for a loan,” underlined Mr. Brant.
Only the South Shore of Quebec sector recorded an increase in sales of 2% compared to November 2022. The Agglomeration of Quebec and the Northern Periphery, for their part, faced decreases of 5% and 15%. respectively.
Smaller properties were less sought after this month with an 11% decline in sales, while single-family homes fell 7%. Conversely, co-ownership transactions increased by 1%.
Mr. Brant also noted that co-ownerships are particularly popular in this area, which is experiencing “both a craze among young buyers, but also among a pool of experienced buyers, more established around the retirement age.”
This is also reflected in the median price of this property category, which jumped 16% to reach $259,000 in November 2023. The price of single-family homes increased by 4% to settle at $360,500, when that of plexes fell by 1% ($389,000).
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