September Real Estate Market: Sales Stabilize and Listings Rise in Montreal CMA
The residential real estate market in the Montreal Census Metropolitan Area (CMA) witnessed moderate sales in September, below the historic average for this time of year. However, there was a strong accumulation of active listings, bringing an end to the downward trend observed since May 2023. While the price of single-family homes seems to be falling after reaching a peak in August, condominium prices continue to rise. The Quebec Professional Association of Real Estate Brokers (QPAREB) released these statistics based on the Centris provincial database.
Sales Performance in September
In September 2023, residential property sales in the Montreal CMA territory reached 2,738, marking a 9% increase or 224 transactions compared to the same period last year. Despite the year-over-year growth, sales activity remains lower than the historic average for this time of year. Charles Brant, QPAREB Market Analysis Director, noted that the market continued to stabilize, with transactional activity comparable to a quiet month like August. The positive variation in prices can be attributed to the same phenomenon observed in the previous year.
Highlights of September
Sales of residential properties in the main metropolitan areas of the Montreal CMA showed notable increases. The Island of Montreal and Saint-Jean-sur-Richelieu experienced 18% and 14% growth, respectively, compared to the same period last year. Vaudreuil-Soulanges, the North Shore of Montreal, and the South Shore of Montreal also saw sales increases ranging from 7% to 11%. However, Laval witnessed a 10% drop in sales.
Inventory and Pricing Trends
Active listings in the Montreal CMA increased by 10% compared to the previous year, reaching 16,398 properties. This rise in listings was observed across all property categories, with the inventory reaching a level not seen since fall 2019. The average selling time for small income properties, condominiums, and single-family homes increased compared to the same period last year. Median prices for single-family homes, condominiums, and plexes all showed positive year-over-year variations.
The September real estate market in the Montreal CMA reflects a rebalancing with stabilized sales, increased listings, and varying price trends across different property categories.
Implications of Real Estate Market Trends for New Businesses
The recent trends in the Montreal CMA's real estate market, as reported by the Quebec Professional Association of Real Estate Brokers (QPAREB), offer valuable insights for new businesses. The stabilization of sales, rise in active listings, and varying price trends across different property categories indicate a rebalancing of the market.
Opportunities Amid Market Fluctuations
For new businesses in the real estate sector, these trends could present opportunities. The increase in active listings suggests a potential for growth in property management services, while the variations in property prices could open avenues for investment in different property categories.
Strategic Decision-Making Based on Market Trends
The market trends also underscore the importance of strategic decision-making for new businesses. The stabilization of sales, despite being lower than the historic average for this time of year, indicates a need for businesses to adapt their strategies to align with market conditions.
In conclusion, the trends in the Montreal CMA's real estate market highlight the dynamic nature of the sector. For new businesses, understanding these trends and adapting accordingly can be key to navigating the market successfully.