Montreal home sales fall to lowest level in nearly 10 years

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Montreal Home Sales Fall to Lowest Level in Nearly 10 Years

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On an annual basis, the average price of single-family homes in Montreal increased by 6% to reach $535,000, while that of condominiums increased by 4% to reach $380,000. The average price of plexes fell 1% to $685,000.

Montreal home sales fell in September to their lowest level in nearly 10 years as the market continued to calm down, the Professional Association of Quebec Real Estate Brokers (APCIQ) said on Wednesday.

The region saw 2,537 sales last month, down 30% from September last year. This is also the lowest number of sales for a month of September since 2013.

According to the APCIQ, these figures indicate that the region is not ;didn't experience the usual back-to-school rebound, which pushes up the number of sales in the market.

The Island of Montreal, Saint-Jean-sur-Richelieu and Vaudreuil-Soulanges sectors recorded respective decreases of 39%, 38% and 36% in terms of the number of transactions in September. Transactions in Laval and on the North Shore were down 24%, while those on the South Shore were down 23%.

The drop in sales led to a jump 44% in the number of active listings compared to September 2021 as well as a 13% increase compared to August. The number of listings for sale is thus approaching the level of 2019, which makes the APCIQ say that this is a clear trend towards market rebalancing .

Rebalancing of the real estate market has begun.

Sales of condominiums and plexes, i.e. buildings with two to five units, recorded the most notable year-over-year declines with decreases of 39% and 38% respectively, while single-family homes were down 21%.

Meanwhile, median prices continued to decline month over month, but at a slower pace. much more moderate.

On an annual basis, the average price of single-family homes rose 6% to $535,000, while condominiums rose 4% to $535,000. $380,000. The average price for plexes fell 1% to $685,000.

Even if the overheating tends to fade quickly, it should be noted that market conditions remain to the advantage of sellers by limiting the fall in prices, particularly in high-end residences, noted the director of the APCIQ Market Analysis Service, Charles Brant.

Generally, this segment of properties experiences a faster drop in sales and prices in a context bear market. However, this does not seem to be the case for the moment in the current cycle, which is contributing to a less precipitous drop in median prices for the moment.

The number of real estate transactions fell by 24% in Quebec in September compared to September 2021. And the median price fell by 2.3% in just one month. Interview with Denis Doucet, spokesperson for Multi-Prêts Hypothèques.

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