Montreal’s residential real estate market ended 2022 with a sharp decrease in sales, though price decreases were limited.
A total of 2,232 units were sold in Greater Montreal in December, 39 per cent fewer than in the same month the previous year, the Quebec Professional Association of Real Estate Brokers said in a report published Thursday.
Such a low level of sales for the last month of the year hasn’t been seen since 2014.
A low inventory level has prevented prices from falling more sharply, said Charles Brant, the director of the association’s market analysis department.
“Although December is generally not the month that best reflects actual market dynamics, there is a certain wait-and-see attitude,” he said.
“Buyers are hoping market conditions will improve in their favour. Sellers are hoping for the stabilization of the market. Active listings continue to rise significantly due to a build-up effect, which could help to vindicate buyers in the coming months.”
The number of active listings in Greater Montreal in December fell compared to the previous month, but it was up significantly compared to December 2021.
Still, at 14,533, the number of listings was well below the historical average of more than 21,000.
In 2022, median prices fell in Greater Montreal, with residential properties encompassing two to five units seeing the most significant drop.
Their median selling price was $690,000. That’s $45,000 less than in 2021 — a six per cent drop.
The median price of a single-family home was $510,000 — $15,000 less than the previous year, a three per cent decrease.
As for condominiums, their median selling price was $357,000 in 2022. That’s $4,000 less than in 2021, a decline of one per cent.
The most significant decreases in median prices for single-family homes, compared to the previous year, were observed in St-Jean-sur-Richelieu.
On the other end of the spectrum, Vaudreuil-Soulanges was the only major sector to register a positive price variation.
