The usual back-to-school improvements haven't materialized.
Selling your home should be easy this time of year, according to the Quebec Professional Association of Real Estate Brokers (QPAREB). But their latest statistics show a massive slowdown: the Montreal market is experiencing the lowest level of sales since September 2013.
Typically, the housing market experiences an increase in activity during the back-to-school season, but this year, activity markedly decreased. Compared to the same month last year, the Montreal Census Metropolitan Area (CMA) reported 30 per cent fewer sales in the residential sector.
If by some miracle you're looking to buy, don't get your hopes up about prices going down. As the housing market slows, higher-end homes are experiencing fewer and smaller price reductions than other single-family homes. In other words, expensive houses for rich people are doing just fine, and cheaper houses for normal people are struggling to find buyers.
Despite slight decreases, home prices have remained relatively stable, and the market conditions "remain in favour of sellers," according to Charles Brant, Director of the QPAREB’s Market Analysis Department, who analyzed the market in a press release.
There has also been an increase in active listings, which is expected when sales decline so sharply. The number of active listings in Montreal rose by 44 per cent compared to last year, and there was a month-to-month increase of 13 per cent since August.
Either way, according to the QPAREB, this number of residential listings is approaching the levels seen in 2019 — a sign that the market is beginning to rebalance. But just because the housing market is getting normal-er doesn't mean you're going to get your hands on your very own property anytime soon.