Sales of residential properties in Montreal fell 18% in July compared to the same month last year, with the two- to five-unit building category alone recording a 38% drop, the Association said Thursday. Professional of Quebec Real Estate Brokers (APCIQ).
In all, 3,080 properties changed hands last month, compared to 3,772 in July 2021, the Association said. The number of multi-unit buildings sold fell from 454 in July 2021 to 281 last month.
Condominiums were also affected by the slowdown: 1,183 of them were sold in July, a decline of 20% compared to July of last year. Sales of single-family homes fell by 12% over one year, amounting to 1,614 transactions.
Altered Market Dynamics
The director of the APCIQ’s market analysis service, Charles Brant, interpreted this drop as confirmation that the market dynamics have changed, largely due to a significant increase in the interest rate. country manager. According to him, the magnitude of the rise in interest rates has accelerated the market slowdown, but it is much more gradual than in other major Canadian cities.
At the same time, the number of new listings for sale increased by 22%, from 4023 in July last year to 4901 last month.
The median price of single-family homes in Montreal was $550,000 in July, up 10% from the same period last year, but down $30,000 from the high of $580,000 reached in April .
In the metropolitan area
Sales activity was heterogeneous in the various sectors of the census metropolitan area (CMA) of Montreal. Home sales climbed 3% on the North Shore compared to last year, while those on the South Shore fell by 12%. The Vaudreuil-Soulanges region recorded a 20% decrease in sales, while those of the islands of Montreal and Laval fell by 29% in both cases.
July was a historically slow month in Saint-Jean-sur-Richelieu, where only 66 transactions took place, representing a 35% year-on-year drop.
In the Québec City CMA, 544 transactions were recorded in July, an increase of 1% compared to the same period last year. This is the second month in a row that the region has seen a gain in transactional activity, while most of the other agglomerations are experiencing a significant slowdown.
With The duty