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We are members of the OACIQ & the Real Estate Chamber of Montreal (CIGM) regrouping a network of about 11 000 real estate brokers collaborators. 

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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

Decreased Sales and Significant Increase in Active Listings in the CMA: Prices Return to August 2021 Levels for the Island of Montreal

September 6, 2022

Press release
Centris Residential Sales Statistics – August 2022
Montreal Census Metropolitan Area (CMA) 

 

The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of August. The most recent market statistics for the Montreal Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database.

“August is usually characterized by a lower volume of properties coming on the market than most other months of the year. In contrast to the past 20 years, this August has seen the most listings year-to-date, with a 37 per cent increase in active listings compared to the same period last year. This is a situation that clearly characterizes and confirms a drastic change in the market’s direction,” notes Charles Brant, director of the QPAREB’s Market Analysis Department. “The magnitude of the increase in mortgage interest rates is beginning to be reflected in a more incisive way, with transactional activity slowing down further and the inventory of properties put up for sale building up. The market’s rebalancing process is therefore underway, albeit in a much more gradual manner than in the other Canadian metropolises, reflected in a shift in the ratio of sales per new listings and a rapid decline in the proportion of sales of properties that were concluded after overbidding. This inevitably leads to a slump in prices and the erasure of excessive gains from the early-year boom that led to their spring peak. This process can be primarily observed in sectors where prices have reached levels that are particularly unsustainable in terms of household purchasing power, as it is the case for the island of Montreal,” he adds.

Montreal sees 'shift in market dynamics' as home sales and prices slip

Financial Post

August 4th, 2022

Montreal’s real estate market saw its slowdown intensify in July, joining other Canadian housing markets showing weakness in the latest data as interest rate hikes weigh on demand.

 

The median price of a single-family home in Montreal in July was $550,000, down $30,000 from the April peak, according to data from the Quebec Professional Association of Real Estate Brokers. Prices, however, are still 10 per cent higher than last year at this time.

 

Condominiums, often seen as a more affordable housing market entry point, saw their first price drop this year to a median of $391,500, though that is still nine per cent higher than last year.

The number of homes changing hands also slumped, with sales dropping 18 per cent from the year before to a total of 3,080 during July. The board added that as interest rate hikes continue, the market slowdown is “showing signs of intensifying.”

The number of homes changing hands also slumped, with sales dropping 18 per cent from the year before to a total of 3,080 during July. The board added that as interest rate hikes continue, the market slowdown is “showing signs of intensifying.”

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.