The real estate market is changing, and here are the highlights of July 2022 for the Montreal region.
An 18% decline in residential transactions for the month of July 2022 was recorded compared to the month of July 2021. This market slowdown is mainly caused by the continuation of interest rate increases.
The island of Montreal and Laval saw their number of transactions settle at 1,075 and 271, a decline of 29% in both cases.
Plexes and condominiums were particularly affected by the slowdown in July, with declines of 38% and 20% respectively compared to July 2021. Single-family homes also recorded a decline in sales, but of lesser magnitude, at - 12%.
The increase in active listings reached a total of 12,668, a gain of 28% compared to July 2021. The jump in the inventory of properties available on the market is particularly observable in Vaudreuil-Soulanges (70%) , on the South Shore (55%) and on the North Shore (37%).
Median prices continued to show weakness in the face of reduced sales caused by the decline in household purchasing power and a weakening in their ability to qualify for a mortgage. The median price of single-family homes in the Metropolitan Region of Montreal was $550,000 in July, up 10% from July 2021, but down $30,000 from the peak of $580,000 reached in April. The median price of condominiums stood at $391,500 for the month of July, a gain of 9% compared to the same period last year and a first price drop in 2022. The median price of these properties is was held at a peak of $410,000 for three months from April to June. In plexes, the median price reached $776,000, an increase of 15%, but a stability observed for several months.
We can therefore see that despite a considerable drop in price compared to past months, an increase compared to July 2021 is present. That said, if you're thinking of selling your property, it's not too late.
Contact me to discuss the best sales strategies to maximize your profit