(Montreal) Sales of residential properties in Greater Montreal fell 10% in June, compared to the same month last year, the Professional Association of Quebec Real Estate Brokers (APCIQ) said on Thursday.
A total of 3,627 sales were concluded last month, compared to 4,045 transactions in June 2022, the association said, stressing that it was necessary to go back to 2015 to observe a similar level of sales for this month.
“The spring had started with a note of optimism for buyers, but also for sellers, the Bank of Canada having decided to stop the rise in its key rate after nine consecutive increases”, observed in a press release the director of the service. of the APCIQ’s market analysis, Charles Brant.
“Combined with a certain effect of the return of buyers to the market, this had resulted in a significant recovery in transactional activity in May. »
Last month’s interest rate hike by the Bank of Canada, however, sent “a negative signal to market participants,” continued Mr. Brant. “Consequently, they can postpone their purchase or sale project. »
All sectors of the metropolitan area were affected by the slowdown. That of Vaudreuil-Soulanges recorded the largest decline with a decline of 28% on an annual basis. Laval followed with a drop of 20%, followed by the island of Montreal, with a decrease of 10%. The North Shore, Saint-Jean-sur-Richelieu and South Shore sectors saw their sales drop 8%, 7% and 6% respectively.
All property categories also took the hit. Sales of small income properties with two to five units (plexes) fell 16% year-on-year, while those of condominiums fell 11% and those of single-family homes fell 8%.
Median prices also fell from June 2022. Plex prices fell 6% to $726,500, while condominium prices fell 5% to $390,000. The median price for single-family homes hit $550,000, which was down 4% from a year ago.
The number of active listings in Greater Montreal rose 32% in June compared to the same month last year, but remained very stable compared to May. New registrations for the month of June, for their part, fell by 19% compared to those of June 2022.
The decline in transactional activity has also resulted in an extension of the sales period, observed the APCIQ. All property categories saw their average selling time extended by at least 20 days compared to June 2022. For plexes, this period went from 44 to 77 days, while it went from 30 to 53 days for condominiums and 25 to 45 days for single-family homes.