Residential sales in the Montreal Census Metropolitan Area remained moderate in September, but still below the historic average for this time of year. According to new statistics from The Quebec Professional Association of Real Estate Brokers (QPAREB), sales stood at 2,738, with an increase of 9 per cent or 224 transactions.
“The Montreal CMA market continued to stabilize in September, with transactional activity comparable to that of a very quiet month of August,” said QPAREB Market Analysis Director Charles Brant. “If sales are up compared to same period last year, it is because 12 months ago activity had started to drop towards an all-time low. The same phenomenon is observed in the mainly positive variation in prices.”
Residential property sales are rising in all of the main metropolitan areas of the Montreal CMA. The Island of Montreal and Saint-Jean-sur-Richelieu, with 1,007 transactions and 64 transactions, had notable increases of 18 per cent and 14 per cent compared to the same period last year. Vaudreuil-Soulanges (125 sales), the North Shore of Montreal (650 sales) and the South Shore of Montreal (650 sales) follow with respective increases of 11 per cent, 7 per cent and 7 per cent in sales. Laval, at 242 sales, is an exception and posted a 10 per cent drop.
With 1,391 transactions, the number of single-family homes sold was up 5 per cent compared to the same period last year. Condominiums and small income properties reached 1,068 sales and 276 sales respectively, both growing by 13 per cent.
September saw an increase in active listings, up 10 per cent from a year ago to reach 16,398 in the Montreal CMA. This increase in listings was observed across all property categories.The inventory of available properties has reached a level not seen since fall 2019.
The price of single-family homes seems to be falling after reaching a peak in August. The average price stood at $549,000, an increase of 3 per cent compared to September 2022. Condominiums saw an increase of 6 per cent for the period, with a median price of $402,000. Plexes were $730,000, a jump of 7 per cent compared to last year.
Brant said the new wave of interest rate hikes in the summer prompted a more cautious approach among buyers.
“Household purchasing power remains eroded by inflation and the savings cushion accumulated during the pandemic is rapidly depleting,” he said. “For their part, sellers are trying to cash in their added value while market conditions, supported by a solid migratory flow, are still favourable to them.
“Good marketing at the right price will be more and more critical in attracting a motivated buyer pool which, however, will most likely be smaller and more selective. This is particularly the case for single-family homes, as prices have almost reached the last peak of 2022.”
