The real estate market is stabilizing in the greater Montreal area

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The real estate market is stabilizing in the greater Montreal area

The biggest drop in the number of transactions was recorded on the island of Montreal, a decline of 20%.

L&#x27 The euphoria in the Greater Montreal Area residential real estate market has likely reached “its peak” and June data points to market stabilization.

The number of residential transactions fell 11% in June, compared to last year, to 4,078, according to data released on Wednesday by the ;Professional Association of Real Estate Brokers of Quebec (APCIQ).

In fact, the figure is lower than the average of 4,333 transactions recorded since 2017.

Median prices for single-family homes also moderated in June. They reached $570,000. This is a 12% increase from June 2021, but a decrease of $6000 from May 2022.

“Although market conditions remain very tight to the advantage of sellers, we will finally observe, over the next few months, a downward trend in the level of outbidding and a loss of momentum of the sustained increase in prices compared to 2021. »

— Charles Brant, Director of the Market Analysis Department of the Professional Association of Real Estate Brokers of Quebec (APCIQ)

Overall, price stabilization is taking shape since last May, announcing that the peak of the market has been reached in Montreal, particularly in a context where qualifying households to obtain a mortgage loan is proving increasingly difficult, adds Mr. Brant.

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The number of properties offered for sale increased in the Montreal area for a sixth month in a row. Registrations reached a total of 12,370, a gain of 15% compared to June 2021.

It's on the island of Montreal that; the largest drop in the number of transactions is recorded, a decline of 20%. The South Shore and Laval sectors each suffered a decline of 4%.

The number of transactions fell by 7% on the North Shore, still in June, while it fell by 13% in Saint-Jean-sur-Richelieu. The Vaudreuil-Soulanges sector remained stable.

By housing type, plexes recorded the largest decrease in the number of transactions, at 25%. The drop was 9% for single-family homes and 10% for condominiums.

The median price in the plex market increased by 9% over one year to reach $770,000. Condominium price growth was 12%.

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