In a press release, the Association professionnelle des courtiers immobiliers du Québec (APCIQ) notes that the number of properties for sale in the Montreal region has increased for the fifth consecutive month, “a symptom of a change in trend”. The APCIQ released its May statistics on Friday. They are based on data from Centris, a provincial database of real estate agents. The number of active listings in May 2022 was 11,304, surpassing the May 2021 level when there were 11,269 listings for sale. However, home sales fell 7%, while condo sales fell 10%. The plex (2 to 5 units) decreased by 17%. This is due to rising interest rates.
According to Bran.M. in the association's press release "The observed changes in market dynamics are precisely explained by very high price levels and rapid increases in interest rates, whether fixed or variable. With the new hike of 50 basis points made on June 1 by the Bank of Canada, it will become increasingly difficult to qualify for a mortgage loan in the Montreal area. As a result, the sharp price incbut at a slower pace. House prices, on the other hand, have stabilized for two months for the first time since June 2021. Plex prices in May were also down from the previous month.
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