Property sales (and prices) are increasing in Montreal
In April, sales and prices of properties, all categories combined, increased in the census metropolitan area (CMA) of Montreal, according to data compiled from the Centris database by the Professional Association of Brokers real estate of Quebec (APCIQ). These figures are encouraging for owners since they are similar to those of the year 2000, suggesting that the trough in property sales has passed.
The number of residential sales stands at 3,755 in April 2023, constituting a decrease of -26% compared to April 2022. This also represents a stabilization of sales in the Montreal region for a third consecutive month. The APCIQ, however, qualifies the figures due to the lower number of houses for sale on the market and the increase in prices.
“This early spring comes with a wind of optimism in a context where the peak of fixed and variable mortgage rates has passed and median property prices in the Montreal CMA are trading 5 to 8% below the peak. reached at the same time last year. However, activity was disappointing in April after a promising month of March, due to the lack of properties for sale on the market, as evidenced by the historic drop in listings for the month of April,” says the director of the APCIQ's Market Analysis Department, Charles Brant.
He adds that it’s because of the scarcity of properties offering good value for money, constituting the bulk of transactions, that the real estate value increased significantly in April. Recall that in March 2023, the real estate company Royal LePage was already reporting a housing shortage in Canada, but noted a drop in prices, unlike April 2023.