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.

The Honorable Sean Fraser, Minister of Immigration, Refugees and Citizenship, presented Canada’s Immigration Levels Plan 2023–2025, which outlines immigration as a strategy aimed at helping companies find workers, and to attract qualified people in key sectors.

Last year, Canada welcomed more than 405,000 newcomers – the most ever in a single year. The Government continues that ambition, by setting itself 465,000 permanent residents in 2023, 485,000 in 2024, and 500,000 in 2025. The plan places greater emphasis on the settlement of newcomers in different regions of the country, including small towns and rural communities.

“Last year, we welcomed the largest number of newcomers in a single year in our history,” said Fraser. “This year’s plan will help businesses find the workers they need, set Canada on a path that supports our long-term success, and enable us to deliver on our key commitments to vulnerable people fleeing violence, war and persecution.”

That plan builds on ongoing work to strengthen the immigration system, and bring the benefits of immigration to communities across the country. That includes supporting the vitality of Francophone communities outside of Quebec. (J.L-B\IJL)

translated by Alec Brideau

L’article An Immigration Plan to Help Grow the Economy est apparu en premier sur Courrier Laval news.