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THE WEST ISLAND
1026 Mont-Royal E. #203
Plateau Mont-Royal MONTREAL H2J 1X6
12940 Gouin W.
Pierrefonds MONTREAL H8Z 1W8
REAL ESTATE NEWS
Sales continue to decline in the Montreal CMA, while prices continue their upward trend
Press Releases apciq
March 3trd 2022
“The drop in activity continued during the month of February, still limited by a particularly low number of active listings on the market. While there is some moderation in the downward trend of properties for sale, the strong imbalance of the market in favour of sellers persists. Pressure on prices therefore remains high” notes Charles Brant, QPAREB director of market analysis. “The Bank of Canada’s decision to begin the process of raising key interest rates on March 2 will quite likely mark the beginning of moderation in the excess demand for properties for the rest of the year and a gradual easing of the number and intensity of overbidding situations. Note that this is the first increase in the key interest rate since 2018.”
Factors contributing to a further acceleration in price increases that were present in January also had an impact in February:
Market conditions remain at historically tight levels despite the slowdown in inventory decline, still giving sellers a substantial advantage.
The proportion of properties sold in higher price ranges is growing.
Overbidding remains very present in the CMA market, particularly in sectors outside the Island of Montreal. In February, it affected more than 50 per cent of all residential real estate transactions.
Montreal home sales down 12% since last February: Quebec real estate group
Median price of a single family home soared by 20% since last February
The Canadian Press
March 3rd, 2022
The Quebec Professional Association of Real Estate Brokers says 4,399 homes in the market changed hands last month, a drop from 5,025 last February. The Quebec Professional Association of Real Estate Brokers says Montreal's February sales were down by 12 per cent since last year, as the market grappled with a lack of listings.
The association says 4,399 homes in the market changed hands last month, a drop from 5,025 last February.
It attributed the slowdown to February 2021 being a frenzied month and noted that last month's sales were in line with average sales levels seen back in 2016.
The association says new listings sat at 5,899 last month, a four per cent decrease from 6,130 during the same month the year before.
The median price of a single family home soared by 20 per cent since last February to $550,000 last month, while condos were up by 16 per cent to $395,000.
The association's director of market analysis, Charles Brant, says pressure on prices remains high, but he sees an easing coming after the Bank of Canada hiked the interest rate to 0.5 per cent this week.
Montreal had weakest January home sales in 4 years: Quebec real estate association
The Canadian Press
February 4th, 2022
Home sales in Greater Montreal sank in January to a level the market hasn’t seen since 2018 as listings dropped and prices soared.
The Quebec Professional Association of Real Estate Brokers says sales last month totalled 2,836, down 27 per cent from 3,905 last January.
New listings fell by a mere one per cent to 4,899 last month from 4,928 in the prior January.
Active listings saw an even larger decrease, dropping 15 per cent to 9,242 last month from 10,872 during the same time last year.
However, prices were up with single-family homes rising 25 per cent to $541,000 and condominiums hitting $381,000, a 19 per cent increase from last year.
Prices for plexes reached a new price record for January as they climbed nine per cent to $712,500.
The association calls the prices and market conditions extreme and says they are handing an advantage to sellers.
21 per cent.