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1026 Mont-Royal E. #203
Plateau Mont-Royal MONTREAL H2J 1X6
12940 Gouin W.
Pierrefonds MONTREAL H8Z 1W8
REAL ESTATE NEWS
The wind is definitely shifting
June 6, 2022
The wind is definitely shifting—and becoming a lot chillier—for Canada’s housing market. Toronto, Vancouver, Montreal, Ottawa and Hamilton were among the areas experiencing significant pullbacks in home resale activity in May. For many of them this represented the third-straight month of decline. Clearly the Bank of Canada’s interest rate hikes since March—and the prospects for more in the months ahead—are changing the game in a big way. They’re considerably raising the bar for buyers, and dragging down earlier (super) bullish sentiment in the process.
With demand softening, inventories are now on the rise in some markets (including Toronto and Montreal). This is quickly easing what were extremely tight demand-supply conditions just a few months ago. In fact, most major markets in Canada have returned to balanced territory in May based on sales and new listings reported by local real estate boards.
The chillier wind brought home prices lower in many markets last month. This group included Toronto, Vancouver and the Fraser Valley. We expect further reversal of the massive pandemic-era gains in these and other markets in the period ahead. Interest rate hikes straining affordability and weighing on property values, especially in expensive markets.
Montreal home prices, sales slip in market 'turning point' in May
June 3rd, 2022
It's the first time prices have fallen for two consecutive months since June 2021
Montreal home sales and prices slipped in May, in what local real estate brokers call a “turning point,” as rapidly rising interest rates and an increase in new active listings shifted market conditions.
The median price of a single-family home in Montreal edged down less than one per cent month over month to $576,000 in May, according to data from the Quebec Professional Association of Real Estate Brokers. It’s the first time prices have fallen for two consecutive months since June 2021. However, the average home price is still up 16 per cent from May of last year.
The condo market held steady with the median price remaining largely unchanged from April at $410,000 in May, and saw a 12 per cent gain year over year.
A total of 4,874 homes changed hands in May, falling by nine per cent compared to last year and slipping nearly five per cent since April. New active listings also jumped, rising to 11,304 from the 10,454 recorded in April.
Montreal home sales down nine per cent since last May: Quebec association
The Canadian Press
June 6, 2022
“The Quebec Professional Association of Real Estate Brokers says a slowdown continued to take shape in Montreal last month as home sales dropped by nine per cent since last year.
The association says sales for the month totalled 4,874, a drop from 5,354 in May 2021.
The sales slowdown was most evident in the plexes category, which covers multi-family homes like duplexes and triplexes and saw a 15 per cent decrease since last year.
Single-family homes saw their sales fall by 7 per cent, while condominiums dropped by 10 per cent.
The association says median prices fell from $580,000 in April for single-family homes to $576,000 in May, the first decrease in two consecutive months since June 2021. However, that price is still 16 per cent higher than in May 2021.
New listings for May climbed 12 per cent to 7,152 last month from 6,360 a year ago, but the number of active listings was virtually unchanged from May 2021.
“Not since 2014 have so many new properties been put up for sale in the Montreal CMA market for this period of the year,” said Charles Brant, director of the board’s market analyst department, in a release.