Montreal actual property ended 2022 with a pointy drop in gross sales

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Montreal’s residential actual property market ended 2022 with a pointy lower in gross sales, although worth decreases have been restricted.

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A complete of two,232 items have been bought in Higher Montreal in December, 39 per cent fewer than in the identical month the earlier yr, the Quebec Skilled Affiliation of Actual Property Brokers stated in a report printed Thursday.

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Such a low stage of gross sales for the final month of the yr hasn’t been seen since 2014.

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A low stock stage has prevented costs from falling extra sharply, stated Charles Brant, the director of the affiliation’s market evaluation division.

“Though December is usually not the month that finest displays precise market dynamics, there’s a sure wait-and-see angle,” he stated.

“Consumers are hoping market circumstances will enhance of their favour. Sellers are hoping for the stabilization of the market. Lively listings proceed to rise considerably attributable to a build-up impact, which might assist to vindicate consumers within the coming months.”

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The variety of energetic listings in Higher Montreal in December fell in comparison with the earlier month, but it surely was up considerably in comparison with December 2021.

Nonetheless, at 14,533, the variety of listings was effectively under the historic common of greater than 21,000.

In 2022, median costs fell in Higher Montreal, with residential properties encompassing two to 5 items seeing probably the most important drop.

Their median promoting worth was $690,000. That’s $45,000 lower than in 2021 — a six per cent drop.

The median worth of a single-family dwelling was $510,000 — $15,000 lower than the earlier yr, a 3 per cent lower.

As for condominiums, their median promoting worth was $357,000 in 2022. That’s $4,000 lower than in 2021, a decline of 1 per cent.

Essentially the most important decreases in median costs for single-family houses, in comparison with the earlier yr, have been noticed in St-Jean-sur-Richelieu.

On the opposite finish of the spectrum, Vaudreuil-Soulanges was the one main sector to register a constructive worth variation.