(Montreal) Sales of residential properties in the Montreal region decreased slightly by 1% last month compared to November of last year, the Professional Association of Real Estate Brokers of Quebec (APCIQ) announced on Wednesday.
Sales in the metropolitan region totaled 2,664 compared to 2,700 in November 2022. This figure is close to the lowest level of transactional activity recorded since 2000, underlines the APCIQ.
“Unlike other large Canadian metropolitan regions such as Toronto and Vancouver, the residential market in the Montreal region is not recording a rapid increase in the number of properties returning to the market,” observes Charles Brant, director of the housing department. APCIQ market analysis.
According to him, the fact that the price of residences is lower there than in the two other Canadian metropolises means that the level of debt of Montreal households and the budget allocated to monthly mortgage payments are significantly lower than in Toronto or in Vancouver.
Single-family home sales totaled 1,329, down from 1,451 a year earlier, while there were 1,051 condo sales, up from 1,040 in the same month last year.
Plex sales reached 282 in November, compared to 208 sales of small income properties a year earlier.
Brant also notes that buyers’ ability to qualify for a mortgage is keeping sales at low levels, helping to put pressure on the rental market.
“In such a context, the market for small income properties seems to be getting better. The latter thus benefit from renewed appeal among investors, while rates stabilize, while offering other advantages for those who wish to become owner-occupiers,” he adds.
Active listings for November increased 11% from last year to 17,715, while new listings increased 3% to 4,787.
Ultimately, the APCIQ notes that the accumulation of properties for sale on the market is very gradual in the Montreal region. Therefore, the market imbalance remains in favor of sellers. Prices remain at levels higher than those of last year at the same period.
The association says the median price of a single-family home was $539,700, compared to $520,000 a year earlier, an increase of 4 per cent, while the median price of a condominium was $395,275 , up from $380,000, also a 4% increase.
The median price of a plex was $731,250, up from $715,000 in November 2022, an increase of 2%.
The island of Montreal (9%) and Vaudreuil-Soulanges (7%) are the sectors of the metropolitan region which experienced the largest increase in the median price from one year to the next. On the contrary, it is down 1% in Laval.
On average, the sale time was 48 days for single-family homes, 58 for condominiums and 64 for plexes.
