Window on the real estate market for the Montreal CMA:
NUN’S ISLAND, Quebec, May 04, 2022 (GLOBE NEWSWIRE) — The Professional Association of Quebec Real Estate Brokers (APCIQ) has just released its residential real estate market statistics for the month of April. The most recent market statistics for the Montreal Census Metropolitan Area (CMA) are based on the provincial Centris database of real estate brokers.
“Sales continue to drop significantly in the Greater Montreal area, making April the least active month since 2017. Considering that 2017 refers to the most subdued year of activity in the last five years , this reversal is indicative of a significant slowdown. This is particularly true for single-family homes, where, to find a comparable month of April, you have to go back to 2014, which was one of the least active years of the last 20 years. This category weighs heavily in the balance, while sales remain at a sustained level for condominiums and plexes,” noted Charles Brant, director of the APCIQ’s market analysis department. “If this situation is mainly due to a lack of single-family homes available on the market, we have to face the facts: the current price level is crowding out a significant portion of potential buyers for this category of property. More determined buyers who are unimpressed with market conditions are flocking to more affordable condos faster than ever. These buyers are no doubt under pressure from the prospect of interest rates rising faster than expected in the current inflationary environment or the need to find a property that meets their priorities.
- The slowdown in CMA sales (5,124) continued in April, with a 17% drop from April 2021, a level of activity that was only slightly higher than in 2017.
- The northern sectors of the CMA experienced greater declines in sales than the others, with a drop of 21% in Laval and 20% on the North Shore. The Island of Montreal also experienced a significant decline, down 17% compared to April 2021. The slowdown in activity also affected the other regions of the CMA, but with less significant declines; -14% for Vaudreuil-Soulanges and the South Shore and -10% for Saint-Jean-sur-Richelieu.
- All residential categories in the CMA continued to experience declines in activity. Small income properties saw the largest drop, with a 19% decline. Next come single-family homes, at -17%, and condominiums, at -16%.
- The moderating trend in active listings continued in April, with an 8% drop compared to the same period last year. This follows an 11% decline in March. Current listings reached 10,454 in the CMA, a slight increase from March, which marked the 4th consecutive month of increases in residential listings, a situation not seen since 2013.
- Median prices continued to grow significantly in April, a trend that is expected to fade in the near future given weakening sales and a process of stabilizing listings in effect. Median single-family home prices rose 16% from April 2021 to $580,000. This price had reached $566,000 by March 2022. Prices for condominiums and small income properties saw a similar increase. Condominiums gained 15% to $410,000, while small income properties gained 14% to $780,000.
Detailed and cumulative statistics for the Province and regions
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About the Professional Association of Quebec Real Estate Brokers
The Professional Association of Quebec Real Estate Brokers (APCIQ) is a non-profit association that brings together more than 14,000 real estate brokers and agencies. It is responsible for promoting and defending their interests, taking into account the challenges of the profession and the various professional and regional realities of its members. The APCIQ is also an important player in many real estate files, including the implementation of measures to promote home ownership. The Association reports statistics on the residential real estate market in Quebec, offers training, tools and services related to real estate and facilitates the collection, dissemination and exchange of information. The APCIQ has its head office in Quebec and its administrative offices in Montreal. It has two subsidiaries: Centris inc. and the College of Real Estate of Quebec. Follow his activities on qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram.
Centris is a dynamic and innovative technology company in the real estate sector. It collects data and offers solutions very suited to the needs of professionals. Among these solutions is Centris.ca, the most visited real estate site in Quebec.
For more information:
Morin Public Relations
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An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc3165dd-300d-4d48-8e7c-c96254e019d9