Quebecers looking for a new home who hope to take advantage of the correction in the real estate market to make an offer below the posted price may be very disappointed.
Despite a slump in sales compared to recent years, a dizzying increase in the number of homes on the market and a slight decline in property prices, sellers in Greater Montreal still do not seem ready to let go of their homes below the asking price, on the contrary.
“The majority of properties are traded at the posted price, or even slightly above. This is particularly the case for condominiums, “said Charles Brant, director of the Market Analysis Service of the Professional Association of Quebec Real Estate Brokers (APCHQ), revealing the results of sales in February.
“This means that despite the lengthening of selling times, the normalization of the transactional process and the return to market conditions less favorable to sellers, the price correction is tending to pause for the moment,” he said. he continued.
Despite everything, signs of a real estate correction continue to accumulate in Greater Montreal, where the number of sales fell by 32% in February, all types of residences combined, compared to the same month in 2022. At the same time, there were a number of properties for sale up 64% compared to last year.
Consequently, prices are beginning to fall, noted the APCHQ, with a 6% drop in the median price of homes over one year.
In Quebec City, the real estate market is more stable than in Montreal, with prices falling less rapidly.
“The Quebec City market is less exposed to the decline in the dynamism of investors, fewer in number, and to legislation aimed at excluding foreign buyers, which came into force on January 1, unlike the Montreal CMA,” explained Mr. Brant.
Median price by property type, in the Montreal and Quebec regions, compared to February 2022
Montréal
– Single-family homes: 515,000, -6%
– Condos : 380 000, -4 %
– Plex : 710 000, -8 %
Québec
– Single-family homes: $331,010, -1%
– Condos : 232 000, +3 %
– Plex : 382 500 $, -4 %