Window on the real estate market for the Montreal CMA: the fall in sales and the backlog of properties for sale deepen in the Montreal CMA, but the rapid decline in prices is stagnating

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L’ÎLE-DES-SŒURS, Quebec, Oct. 05, 2022 (GLOBE NEWSWIRE) — The Professional Association of Real Estate Brokers of Quebec (APCIQ) has just released its residential real estate market statistics for the month of September. The most recent market statistics for the Montreal Census Metropolitan Area (CMA) are based on the provincial Centris database of real estate brokers.

“The start of the school year is generally characterized by an increase in activity, which is not the case this year. Instead, we are witnessing a strong downward trend in activity, which is reflected in the rapid accumulation of homes for sale that have no buyers in the Montreal area. This dynamic, contrary to what it was at the same time last year, is stronger for condominiums and plexes than for single-family homes within the Montréal CMA, particularly on the island of Montreal. However, even if the drop in activity is less pronounced for single-family homes, the increase in active listings is almost twice that of condominiums and plexes,” notes Charles Brant, director of the Market Analysis department at the ‘APCIQ. “Indeed, for the first time since the beginning of the year, the time required to sell a single-family home in the CMA has increased. That said, median prices for single-family homes remained relatively stable in September, after the significant drop recorded over the past four months, including on the Island of Montreal. Even if the overheating of the market is rapidly abating, it is clear that market conditions remain favorable to sellers, limiting the drop in prices, especially for high-end homes. Typically, this type of property experiences a faster decline in sales and prices in a bear market. That doesn’t seem to be the case this cycle, which is contributing to a less precipitous drop in median prices at the moment.

September Highlights

  • The Montreal CMA recorded 2,537 residential sales in September 2022, a 30% drop compared to 3,648 sales for the same month last year. It was the first time since September 2013 that such a low level of sales had been recorded.
  • On a consecutive monthly basis, the market slowdown is particularly pronounced as we see fewer sales than in August 2022 (2681). The usual back-to-school rebound did not occur in the residential real estate sector.
  • Similar results are seen across all major sectors. We are witnessing a strong annual decline in residential sales ranging from 23% to 39%. However, it is the major sectors of the island of Montreal (866 sales), Saint-Jean-sur-Richelieu (56 sales) and Vaudreuil-Soulanges (114 sales) that show the largest declines, respectively of 39%. , 38 percent and 36 percent. The declines in the number of residential sales in the other major sectors remained significant. We are talking about -24% of transactions for Laval and the North Shore of Montreal with 272 and 615 sales respectively, and -23% for the South Shore of Montreal with 614 sales.
  • As in recent months, condominiums and plexes suffered the most significant declines compared to the same period last year, with declines of 39% and 38%, reaching 950 and 247 sales respectively. Nevertheless, the 21% drop in single-family homes will not go unnoticed, with a total of 1,339 transactions for the month of September.
  • With this sharp decline in sales, it is no surprise that we have seen an increase in the number of active listings. In the Montreal CMA, the number of active listings increased by 44% to 15,550. This is also a significant month-over-month increase (+13%). The number of listings is thus approaching 2019 levels, implying a clear trend towards market rebalancing.
  • Median prices continue to decline month over month, but at a much more moderate pace, especially for single-family homes, which are close to flat. Compared to September 2021, the price level remains 4% higher for condominiums, with a median price of $380,000, and 6% higher for single-family homes, with a median price of $535,000. The median price for small income properties is 1% lower at $685,000, the first price drop for this class of property in September since 2015.

Further information:

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, administrative offices in Montreal and a regional office in Saguenay. It has two subsidiaries: Société Centris inc. and the College of Real Estate of Quebec. Follow its activities on or via its social media pages: Facebook, LinkedIn, Twitter and Instagram.

About Centris

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, the most visited real estate site in Quebec.

For more information:

Marie-Rose DesautelsMorin Public Relations[email protected]

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Montreal area real estate market

Residential Sales – September 2022

Source: Professional Association of Quebec Real Estate Brokers (APCIQ)