In absolute numbers, it’s a “significant drop” of 1,501 sales, according to the Quebec Professional Association of Real Estate Brokers (QPAREB).

The 2,770 sales, listed in the Centris provincial database of real estate brokers, are representing the lowest level of activity recorded since 2014 for the month of October.

General decline

Although below the average for Montreal’s CMA, Laval is still behind by 29 per cent, its sales having dropped from 407 to 289 in 12 months.

Of all sectors, the North Shore is the one that’s doing the best, despite a 26 per cent decline in transactions.

Analyzing

“The rise’s amplitude in interest rates in the space of a few months, and the inflationary context eating into the purchasing power of households are obviously the main causes,” explained by press release director of the market analysis service of the QPAREB, Charles Brant.

Brant also noted “a more cautious attitude of households and investors, who would have the financial capacity to make their purchase project possible, but prefer to wait for a stabilization of the situation, and a market conditions that will be more favorable to them”.

Registrations Up

In this context of a more significant slowdown in sales, the increase in the number of active listings continued for a sixth consecutive month across Montreal’s CMA.

Registrations reached a total of 16,269 in October, up seven per cent from the previous month. Compared to the 10,840 properties on the market at the same date last year, the increase is around 50 per cent.

In Laval, registrations increased by 45 per cent between October 2021 and 2022, going from 903 to 1,310.

However, when comparing the first 10 months of the current year with the same period in 2021, the inventory’s increase is rather 10 per cent in the whole metropolitan area, and three per cent for Laval’s territory.

translated by Alec Brideau

L’article Real Estate Market: The Fall in Sales Worsened in October est apparu en premier sur Courrier Laval news.

Compared to the first quarter last year, housing starts have more than tripled, going from 241 to 814.

That’s what comes out from the data compiled by the Canada Mortgage and Housing Corporation (CMHC). The rental market takes the biggest part, with 80 per cent of houses under construction, which is 668 new homes. The percentage rises to 96 per cent when we’re adding the condominium’s niche and its 114 units under construction. That leaves us with two market segments, which are single-family residences (21) and semi-detached and row houses (11).

Clear Domination

While the market was getting hot in Laval, Montreal’s census metropolitan area (CMA) saw its housing starts drop by 37 per cent.

On March 31, we could count 5,057 housing units under construction, a shortfall of more than 3,000 units compared to the same period last year. Had it not been for Laval’s performance, the decline observed in Montreal’s CMA would be around 50 per cent.

Laval has quintupled its weight in the metropolitan balance for this first quarter. In 2021, the city-region had seen 241 new housing units, counting for three per cent of the 8,080 units started on the whole territory of the CMA, while this time its 814 houses are counting for 16 per cent of the 5,057 housing starts identified by the CMHC.

Last December 31, Laval concluded the year with 2,270 new constructions, which represented a 20 per cent drop compared to its activity level of 2020.

translated by Alec Brideau

L’article Housing Starts are Exploding in Laval est apparu en premier sur Courrier Laval news.