Residential sales fell by 30% in the census metropolitan area (CMA) of Montreal in September, a slowdown that was also observed in Quebec City, but with less strength.
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The Montreal CMA recorded 2,537 residential sales in September 2022 compared to 3,648 sales for the same month last year. This low level of sales had not been reached since 2013.
“The start of the school year is generally characterized by a resurgence of activity, which is not the case this year”, explained Charles Brant, director of the market analysis service of the Professional Association of Real Estate Brokers of Quebec on Wednesday. (APCIQ).
“Rather, we are seeing a strong downward trend in activity, resulting in a rapid accumulation of residences for sale that do not find takers in the Montreal area,” he added.
The decline was seen in all sectors of the Montreal CMA, but particularly on the Island of Montreal (-39%), Saint-Jean-sur-Richelieu (-38%) and Vaudreuil-Soulanges (-36%). ). Laval experienced a 24% drop in transactions, as did the North Shore, while the South Shore showed a 23% decrease.
In line with previous months, condominiums and plexes suffered the greatest declines with drops of 39% and 38% respectively compared to September 2021. Sales of single-family homes fell by 21% over the same period. .
“Even if the overheating tends to fade quickly, it should be noted that market conditions remain in favor of sellers, limiting the fall in prices, particularly in high-end residences,” observed Mr. Brant.
Median prices have thus continued their fall of the last few months, but remain higher than for September 2021. Condominiums have a median price of $380,000 (+4%), single-family homes of $535,000 (+6%) and small properties at $685,000 (-1%).
The number of transactions declined by 15% in September compared to that of 2021 in the CMA of Quebec, with 583 sales against 684.
“Although down from last year, during the same period, the Quebec City market saw solid activity in September, comparable to 2019,” said Mr. Brant.
“In general, the impact of recent interest increases has not yet materialized in the market, which has seen only slight price declines in the last two months,” he said. he argues.
The agglomeration of Quebec City faced the largest decline of the CMA (-16%), followed by the northern periphery and the south shore of Quebec City with a drop of 13%.
The median prices of all property categories are on the rise, with 5% increases for single-family homes ($330,000), 7% for condominiums ($240,000) and 10% for plexes ($384,500).