After a surge in real estate over the past two years of the pandemic, the situation is once again becoming more profitable for buyers in the Greater Montreal area for the end of the year, according to a real estate broker.
A modest increase in prices is thus expected for the fourth quarter of 2022 compared to the same period of 2021, according to Royal LePage forecasts.
The price of aggregate in Greater Montreal is expected to increase by 2.5% in the fourth quarter of 2022 compared to that of 2021. However, it will be a drop of 1.6% between the third and fourth quarters of this year.
With the exception of the South Shore, all regions of the metropolis and its suburbs saw the price of aggregate decrease from one quarter to the next for the elapsed period.
While the price therefore remains high compared to that of 2021, the trend was downward between the second and third quarters of 2022 for both single-family homes (-5.9%) and condominium apartments (-4.5%). %).
“We started to feel a slight slowdown last May. We put houses on the market and then instead of having 62 visits and then 14 offers, all of a sudden, we had 15 visits and two offers,” explained Marc Lefrançois, certified real estate broker at Royal LePage Tendance in Montreal, in an interview. with the QMI Agency.
Signs of a slowdown in the metropolitan real estate market were felt following the Bank of Canada's interventions aimed at curbing inflation.
“When the Bank of Canada raised the rate of interest, there, it broke both legs of the market all of a sudden in the center of Montreal, it continued a little more in the Quebec region and on the South Shore, but there is a slowdown that 'you see everywhere,' said the broker.
Less precipitation among buyers
Buyers are not close to buying a property at a discount despite these market changes, but will be able to negotiate more fairly.
“The mentality [of buyers] has completely reversed in just two months,” said Mr. Lefrançois.
“For the first time in three years, the buyer is able to negotiate, he is able to take his time, he is able to bring in contractors. Now he has a choice, the inventory has increased considerably,” he said.
The situation is therefore reversed on the side of the sellers, who must be more cautious.
“Every salesperson has competition. You have to prepare your file well, prepare your house well, pay attention to the price that will be asked,” argued the broker, who has noticed several price adjustments in recent weeks.
The perceived slowdown in Greater Montreal should also gradually reverberate throughout Quebec, according to the specialist. “We are heading towards a balanced market as we were in 2018.”
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my firstname.lastname@example.org 1-800-268-7128