Residential sales in Montreal reached 3,627 in June 2023, representing a decline of 10 per cent overall compared to the same period last year. According to the Quebec Professional Association of Real Estate Brokers (QPAREB), this low level of sales for a month of June hasn’t occurred since 2015.
“The spring started with a note of optimism for both buyers and sellers since the Bank of Canada had decided to stop raising its key interest rate after nine consecutive rate hikes,” said Charles Brant, QPAREB Market Analysis Director. “Combined with the effect of buyers returning to the market, May saw a significant upturn in transactional activity. While it is true that June usually experiences less sustained transactional activity, a further rise in interest rates and the decline in new listings are sending a negative signal to market participants who could consider postponing their purchase or sale project.
This dampening of market momentum was felt in all categories, including small income properties, which stood out with a 16 per cent drop in transactions. For condominium units, the decline represented 11 per cent for a total of 1,389 completed transactions. Meanwhile, sales of single-family homes dropped to 1,899, a decrease of 8 per cent compared to the same period last year.
The slowdown in transactional activity also resulted in longer average selling times. For small income properties, selling times reached 77 days — 33 days longer than the same period a year ago. Condominiums and single-family homes followed at 53 days and 45 days respectively.
The Montreal CMA, where median prices are the highest in the province, saw the most decline in sales activity for June. Vaudreuil-Soulanges, with 146 sales, posted the largest drop at 28 per cent. Laval followed with 336 transactions, representing a decline of 20 per cent. The sectors of the Island of Montreal (1,327 sales), the North Shore (840 sales), Saint-Jean-sur-Richelieu (98 sales) and the South Shore (880 sales) experienced slightly less marked respective decreases of 10 per cent, 8 per cent, 7 per cent and 6 per cent.
Notably, active listings across all property types recorded an increase during the month of June, and according to QPAREB, the inventory of available properties was stable compared to May.
Read the full update at: Accueil – APCIQ – Site web
