The spirit of T.S. Eliot permeated Montreal’s residential housing environment, for April was truly the cruelest month – the market’s sales totaled 3,755 last month, a 26% year-over-year plummet to the lowest point since 2000 for the month of April (not counting the pandemic tumult of April 2020).
Charles Brant, market analysis director at the Quebec Professional Association of Real Estate Brokers (QPAREB), acknowledged the month’s dismal data was based on multiple factors that did not add up in anyone’s favor.
“Activity was disappointing in April after a promising month of March,” Brant said. “This is not necessarily due to a lack of buyer confidence in the market, since interest rates are stabilizing and prices are clearly indicating an upward movement. In addition to high prices, it is also due to the lack of properties for sale on the market, as evidenced by the historic drop in listings for a month of April. Properties offering adequate value for the money are particularly few in number and represent the bulk of actual transactions in each property category, with correspondingly higher prices.”
However, there were bright elements to April’s data: residential active listings totaled 16,456, an increase of 61% and the average selling time for the three main property categories were up year-over-year.
And for Montreal buyers seeking more affordable properties, there was good news: the median price for each property category was slightly lower from one year ago. The median price of plexes dropped by 8% to $720,000, single-family homes posted a decline of 7% to $540,000 and condominiums dropped 5% to $390,000.
Photo by 710929 / Flickr Creative Commons
;
