(Montreal) Residential property sales in Greater Montreal hit a new March low last month, but there are signs the declines are easing, the Association professionnelle des courtiers immobiliers du Québec (APCIQ) said Thursday. ).
A total of 3,947 homes changed hands last month, down 28% from March 2022, the association said.
It was the first time since September 2022 that sales fell by less than 30% on an annual basis, underlined the APCIQ.
“Following an unprecedented period of overheating, the Montreal CMA market was one of the first to react negatively to the rapid rise in interest rates, which began a year ago. Today, the stabilization of interest rates makes it one of the first to react positively, like several other major Canadian markets,” notes Charles Brant, Director of Market Analysis at the APCIQ.
Average prices fell as sales fell. That of single-family homes decreased by 5% to $535,000 and that of condominiums fell by the same proportion to stand at $381,500.
New listings for the month slipped 8% to 6,487.
The APCIQ’s director of market analysis felt that these figures show that Montreal is reacting positively to the stabilization of interest rates, after their rapid rise.
“Although economic uncertainties are far from over, households, like investors, are increasingly confident and inclined to carry out their acquisition project in a context of stabilization of financing conditions,” said Charles Bran.
“Even though sales are still down, the slowing down is a positive sign that the market is stabilizing. »
The Québec City CMA also recorded 915 residential sales on its territory during the month of March 2023. This represents a decrease of 186 transactions or -19% compared to the same period in 2022.
