Montreal Island Housing Slips Into Buyer's Market at 24.5 as Sales Drop 16.2%
Updated
Updated · Mortgage Professional · Aug 3
Montreal Island Housing Slips Into Buyer's Market at 24.5 as Sales Drop 16.2%
2 articles · Updated · Mortgage Professional · Aug 3
Summary
Montreal Island entered light buyer's-market territory in July, with the Tardif Index falling to 24.5 as 1,022 firm sales were recorded.
A 33.4% listing expiry rate and the 16.2% year-over-year sales decline drove the shift, even though the sales-to-new-listings ratio remained a supportive 47.4%.
512 listings expired unsold, while 30.8% of completed sales needed at least one price cut and the median time to an accepted offer was 35 days.
Prices still rose across major property types: single-family homes reached $825,000, up 9.5%; plexes hit $881,000, up 6.8%; condos climbed to $479,750, up 2.3%.
Bidding wars persisted in pockets of the market, with 15.4% of sales closing above asking and Rosemont–La Petite-Patrie leading the island at 30.1%.