MONTREAL — Home sales in Greater Montreal sank in January to a level the market hasn’t seen since 2018 as listings dropped and prices soared.
The Quebec Professional Association of Real Estate Brokers says sales last month totalled 2,836, down 27 per cent from 3,905 last January.
New listings fell by a mere one per cent to 4,899 last month from 4,928 in the prior January.
Active listings saw an even larger decrease, dropping 15 per cent to 9,242 last month from 10,872 during the same time last year.
However, prices were up with single-family homes rising 25 per cent to $541,000 and condominiums hitting $381,000, a 19 per cent increase from last year.
Prices for plexes reached a new price record for January as they climbed nine per cent to $712,500.
The association calls the prices and market conditions extreme and says they are handing an advantage to sellers.
“The combination of the return of tighter health restrictions due to the Omicron wave, the expected upward movement in interest rates which are already seen in five-year fixed mortgage rates, and the arrival of new opportunities at the start of the year has once again made the acquisition of a new property a priority for experienced buyers and investors,” says Charles Brant, the association’s director of market analysis, in a release.
“This renewed interest is particularly evident in the Island of Montreal’s peripheral areas. With rising sales in higher price segments while down in others, we are noticing a further acceleration in prices, particularly on the North Shore, the South Shore, Vaudreuil-Soulanges and Saint-Jean-sur-Richelieu.”
This report by The Canadian Press was first published Feb. 4, 2022.
The Canadian Press
Simplicity Changes the Real Estate Conveyancing Software Landscape in Ontario with Launch of Prolegis – Canada NewsWire
‘Simplicity is incredibly pleased and excited to offer Ontario real estate lawyers and conveyancers a fresh new choice in a legal software provider. Collaborating with our valued customers and a network of trusted stakeholders, we are building a better, brighter future for real estate legal professionals and Canadian homebuyers. At Simplicity, we envision a future where innovative technology is at the forefront of enhancing the customer experience in the real estate ecosystem. We are committed to helping advance technology utilization and adoption within the real estate sector by providing solutions that are user-friendly, easy to implement, and economical to acquire and operate.’ said Neil N. Babiy, Co-Founder and CEO of Simplicity Global Solutions Ltd.
About Prolegis Real Estate
Prolegis is a powerful, easy-to-use, cloud-based real estate conveyancing solution built for lawyers by lawyers. The solution integrates seamlessly with a real estate practice, providing a rich set of tools and information to help each user unlock exciting new levels of performance, customer engagement, and work-life balance.
Prolegis provides customers with exceptional value:
- Thoughtfully designed to save time with all the capabilities and key third-party integrations needed to convey a real estate transaction efficiently and economically.
- User flexibility to configure and organize work, communicate with clients, and manage the real estate transaction end-to-end from a single solution; anytime, anywhere.
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Prolegis Real Estate raises the competitive bar with its unique set of Communication, Practice Management, and Document Preparation tools which enable quick, easy, and accurate processing of real estate transactions.
Ontario real estate lawyers and conveyancers can click here to Learn More about Prolegis and to Book a Demo. Simplicity has highly skilled Customer Success Specialists in place across Canada to welcome new customers.
About Simplicity Global Solutions Ltd.
Simplicity Global Solutions Ltd. is a Canadian technology company offering innovative, secure, cloud-based solutions designed to inter-connect lawyers, real estate professionals, mortgage professionals, lenders, registry services, title insurers and the end consumer to offer quick, easy, accurate and secure sharing of information. Simplicity’s mission is to interconnect all real estate and lending stakeholders to enable the frictionless flow of information across the entire real estate and lending lifecycle to eliminate inefficiencies while improving productivity for consumers and industry participants.
SOURCE Simplicity Global Solutions Ltd.
For further information: Media and investor contact: Neil N. Babiy, Co-Founder and CEO, Simplicity Global Solutions Ltd., [email protected], (587) 899 1147
This Ontario city has the most overvalued real estate market in Canada – blogTO
Good luck buying a home anywhere in Ontario right now, as meteoric price gains and a historic inflation spike push housing markets in the province further out of reach.
And as bad as things are in the Greater Toronto Area in 2022, rampant speculation is not limited to urban centres. According to one housing market assessment, Peterborough is now the single most overvalued housing market in the entire country.
Moody’s Analytics has ranked Peterborough, Ontario, at the top of the list for most overvalued housing markets in the company’s fourth-quarter assessment of housing price valuations in Canada.
Peterborough’s 107.8 per cent valuation comes after years of substantial price growth for the municipality northeast of Toronto.
Though with an average annual household income of about $70,000 and the average May 2022 selling price climbing nearly 19.8 per cent to $836,843, the city’s market is firmly on the unattainable side of the scale.
According to RE/MAX Canada’s analysis of the valuation, recent activity “has first-time homebuyers priced out of the market, especially local buyers,” adding that “too many prospective homebuyers are still stuck waiting to achieve the dream of home ownership.”
Experts attribute Peterborough’s valuation to factors like rampant investor speculation, blind bidding, and low interest rates.
Despite all the doom and gloom, home sales took a nosedive in the region in May, sales falling at an annualized rate of 34.3 per cent with a year-over-year decline of 18 per cent and a 17.7 per cent dip below the ten-year average.
Though May home prices leapt significantly in May, this downturn in demand could soon translate to decreasing value.
A spike in supply could further ease conditions, though Kate Kidd, President of the Peterborough and the Kawarthas Association of Realtors, says “it’s going to take more than a few months of stronger supply to have any meaningful impact on the market balance in the long term.”
After Peterborough, Canada’s second most overvalued housing market was also found not too far from Toronto, with St. Catharines-Niagara’s market valued at 106.9 per cent.
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