The first quarter of 2022 is behind us, and it is time to take stock of the real estate situation in Ahuntsic. There is no doubt that the district continues to seduce: its comfort of life, its dynamism, the beauty of its streets attracts, and even if sales slow down due to a drop in inventory, prices remain high, even rising.
A Slowdown in Sales in the first quarter of 2022
Given the very high levels of sales last year, we quite logically observe a slowdown at the start of 2022. Thus, in Ahuntsic-Cartierville, the number of sales in the 1st quarter of 2022 fell by 15% compared to in the 1st quarter of 2021.
A drop in sales that concerns all categories of properties, even if condominiums are holding up better than single-family homes and plexes (-6% for the former, against -26% and -24% for the latter).
This drop in sales is mainly due to a drop in supply: active listings as well as new listings are rarer than last year, while demand remains strong.
Prices hold up at the start of the trimester
This maintenance of demand despite a scarcer supply is supporting high prices: the median selling price is up 11% in the 1st quarter for condominiums and for plexes in Ahuntsic, while that of single-family homes remains stable.
The real estate market in Ahuntsic therefore remains a seller’s market, with an average of between 1 and 2.5 months of inventory for the different categories of properties on the market.
Under these conditions, we continue to observe very frequently overbidding on properties for sale, with buyers sometimes ready to substantially exceed the posted selling price.
Note that this situation is not specific to the Ahuntsic District: it coincides with what can be observed throughout the MMC of Montreal.
What are the prospects for the end of the year in Ahunstic?
The recent rise in interest and mortgage rates could have an impact on the number of new buyers. High prices are already discouraging many households (according to Ipsos, more than six out of ten Quebecers who are not homeowners have given up the idea of becoming one), and this rise in rates should reinforce this dynamic.
We can therefore expect a halt in the rise in prices and stabilization over the second half of the year! What can we expect…. If I had a crystal ball, it would be so easy. In my opinion, prices should increase slightly again until the end of the fall due to the shortage of inventories.
Do you have a real estate project in Ahuntsic? The current market is peculiar, and it is important to be supported by a broker who knows the sector and its challenges. Contact me to discuss your needs!
