October home sales in the Greater Montreal Area reached the second lowest level of activity in 23 years.
Residential sales totalled 2,675 last month, a two per cent decrease from October 2022, according to new data from the Quebec Professional Association of Real Estate Brokers.
“While there are fewer active buyers in the market, there continues to be latent interest in buying a property,” said Charles Brant, QPAREB’s market analysis director. “The combination of various negative factors has fuelled a sense of caution and led to a deferment of purchasing plans.”
He noted, in a statement releases today, that the Bank of Canada’s decision to not increase the key rate had no effect on demand like that seen during the last pause.
“The result is an increase in the number of properties on the market to a level not seen since the start of the pandemic,” he added. “This situation is conducive to a market rebalancing and a plateauing or decline in prices. It also provides more choice in the market for experienced buyers with enough equity to avoid the need for significant mortgage financing.”
Price and property highlights for October
The Island of Montreal and South Shore of Montreal stood out with sales increases of 7 per cent and 8 per cent compared to the same period last year. Declines were experienced across The North Shore of Montreal (12 per cent), Laval (17 per cent) Vaudreuil-Soulanges (19 per cent) and Saint-Jean-sur-Richelieu (30 per cent).
Condo sales remained stable, reaching 1,018 transactions, while single-family homes dipped six per cent to 1,347 sales. Overall, active listings rose up 12 per cent from a year ago to reach 17,518.
All median prices are growing when compared to those in effect in October 2022. Single-family homes stood at $545,000, up by 7 per cent. Plexes sold for $735,000, a jump of 5 per cent compared to last year. Condominiums saw an increase of 3 per cent for the period at $390,000.
The main metropolitan areas of the South Shore of Montreal, the North Shore of Montreal and Saint-Jean-sur-Richelieu stand out with more pronounced median price increases compared to a year ago.