Sales of residential properties in the greater Montreal area posted an 8% decline in May compared to the same month last year, a “significantly more limited” decline than in recent months, the Office pointed out on Monday. Professional Association of Quebec Real Estate Brokers (APCIQ).
A total of 4,428 properties changed hands in the region last month, compared to 4,821 in May 2022, the APCIQ said. May sales have not been this low since 2015, the association added, excluding May 2020, which was “unusually low” due to the pandemic.
The month of May nevertheless marked a “clear return” of buyers to the market, encouraged by the stabilization of interest rates and prices, underlined the director of the service of market analysis of the APCIQ, Charles Brant , in a press release.
Although less marked than in recent months, the slowdown continued to affect all housing categories. The decline in sales of buildings with two to five units (plexes) was the most pronounced, at 19%, while sales of condominiums and single-family homes recorded respective declines of 10% and 4%.
Prices for residential properties in the Montreal area remained relatively stable in May, compared to a year ago, added the APCIQ, which saw in this element a “sign of price recovery in still tight market conditions. , to the advantage of the sellers”.
The median price for plexes was $730,000 last month, which was down 3% from the same month last year. The median price for single-family homes fell 4% to $550,000, while condominium prices were the most stable, down 2% to $403,000.
New listings were down 11% in May from a year ago, but active listings showed a 46% growth over the same period to 16,089 listings.
Properties were also staying on the market longer than a year ago. Plexes are sold on average in 77 days, compared to 49 days for single-family homes and 49 days for condominiums. These deadlines last year were 35 days, 24 days and 23 days.
“The Island of Montreal market recorded an astonishing performance with a drop in sales of only 5% compared to last year, observed Mr. Brant. In addition, only a slight pullback in prices is now observable from last year’s peak. This reflects renewed interest in the opportunities offered in this market. »