Residential real estate sales across the Greater Montreal area declined 12% year-over-year in September, according to data released by the Quebec Professional Association of Real Estate Brokers (QPAREB). Despite inventory levels climbing 18% above the ten-year average, market activity remains sluggish as conditions increasingly shift in favor of buyers.
Montreal Property Inventory Climbs Above Ten-Year Averages
- Residential sales dropped 12% in September compared to the same period last year across the Greater Montreal area.
- Active listings rose for the fourteenth consecutive month, sitting 18% higher than the ten-year average.
- Condominium markets on the island face particular downward pressure due to oversupply and slowing construction rates.
Condominium Over-Supply Softens Island Pricing
While single-family home values remain relatively stable with modest price gains, the condominium sector across the island of Montreal continues to soften. Marc Lefrançois, a real estate broker with Royal LePage, noted that buyers who purchased urban condos over the past two to three years—particularly in downtown districts—now face a depreciated asset base. Properties are lingering on the market longer. Sellers must align their pricing strictly with comparable recent sales to secure transactions in the current climate.
Negotiation Leverage Returns to First-Time Buyers
Market conditions have evolved into an opportune environment for first-time buyers who enjoy expanded inventory and genuine bargaining power. Lefrançois observed that sellers facing prolonged marketing times are increasingly willing to accept conditions and terms favorable to purchasers—a dynamic absent from the regional market for several years.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
