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18% Residential Sales increase 
in Montreal

Residential sales increased 18% in Greater Montréal in January 2024 compared to the same month last year, according to data from the Association professionnelle des courtiers immobiliers du Québec (APCIQ).

 

A total of 2,077 residences were sold in the Montréal Census Metropolitan Area (CMA) in January 2024, compared to 1,766 transactions in January 2023.

The median price of a single-family home in January was $535,000, up 7% from January 2023. The median price of a condominium was $390,000 in January (+5%) and that of a plex was $722,500 (+7%).

Registrations in effect for the month of January also increased significantly (+16%) to 16,838 registrations in the Montréal CMA.

'The improved sale performance at the beginning of the year is mainly due to a more encouraging outlook of the evolution of interest rates.

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Sales
are stable
in Montreal

In the Montréal CMA, the number of residential sales remained moderate in September and below its historical average for that period. Transactions totalled 2,738, up 9% between September 2022 and 2023.

 

“The Montréal CMA market confirmed its stabilization in September, with transaction activity comparable to that of a very quiet August,” said Mr. Charles Brant, the APCIQ’s economist. “The new wave of interest rate hikes at the beginning of the summer is resolutely reflected in September by a renewed sense of caution among buyers.”

Sales increased on the Island of Montreal and to Saint-Jean-sur-Richelieu with respective jumps of 18% and 14%. Conversely, Laval recorded a 10% drop in sales.

Condominiums and small properties found buyers with a 13% increase in transactions compared to last year at the same time, when sales of single-family homes increased by 5%.

All median prices grew in September 2023 compared to last year. Plexes increased by 7% to $730,000, single-family homes by 3% to $549,000 and condominiums by 6% to $402,000.

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Slight increase of 1% compared to the same month last year

Residential sales market picked up last month in the Montreal area.

 

Transactions were slightly up 1% from the same month last year. This is the first annual increase since 2021. However, experts do not expect trade to accelerate in the coming months due to recent high in interest rates and the economic slowdown threat.

 

The Montreal Island area stands out with a 12% increase over the same period last year, according to the July data released by the Association professionnelle des courtiers immobiliers du Québec (APCIQ).

 

Sales times continue to increase, by about 20 days compared to the situation 12 months ago.

 

As mortgage rates are no longer on the horizon, buyers who can afford them have decided that there is no point in waiting and have taken action by acquiring a property, explains the APCIQ.

 

According to Charles Brant, the Association’s economist, the fall in prices is almost complete for 2023 and we are heading more towards a stabilization of values.

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What can we expect for the future?

The market remains supported by structural factors such as the lack of supply and the high immigration.

“In the months ahead, while strong population growth will support the market,” says Mr. King of National Bank. “ the resumption of the Bank of Canada’s tightening cycle and the slowdown in the economy should keep the number of transactions below its historical average.”

July's Montreal residential market:

+ 1% increase in transactions between July 2023 and July 2022 

+ 20% variation of properties for sale in one year

+ 1% increase in house prices compared to July 2022 

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More than 600 office buildings could convert into housing 

Montreal has no fewer than 611 office buildings that have the potential to be converted into housing, according to brokerage agency Avison Young.

 

The identification was based on the broker’s internal analyses based on two main criteria: buildings built before 1990 with a floor area of less than 15,000 square feet.

 

Since the pandemic and the rise of telework, city centres have been shunned by white-collar workers during the day. Office vacancy is approaching record levels.

 

Because of reduced foot traffic near urban stores during the pandemic, vacancy in retail space has increased and rents have declined, particularly in office-dense locations. 

 

In Montreal, the vacancy rate reached 17% downtown in the second quarter of 2023, according to the CBRE agency. The rate is 14.5% in more modern buildings of more recent construction.

 

“Owners of older buildings therefore have the opportunity to rethink their investment strategy and explore different options, whether it is to keep the building as it is, renovate it or modernize it, to innovate by reallocating it or adapting it to other uses, or to redevelop it,” suggests the real estate agency.

 

Tenants who shop premises in 2023 benefit from a favorable balance of power to choose better quality offices at advantageous conditions.

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