2022 was not kind on Quebec’s co-ownership! Last trimester’s statistics for this area show that sales had a 23% drop in December 2022, compared to December 2021. A decrease that touches the plexes harder, with a decrease in the number of sales of 27% over this same period.
But this shows a bigger problem: there are not enough co-ownership to sell because there are not enough co-ownership on the real estate market. Indeed, according to the Association des professionnels de la construction et de l’habitation du Québec (APCHQ), housing starts for the construction of new properties Weir facing « a 12% decline compared to the first half of 2021 ».
On the other, the average price for co-ownership in Quebec has increased of 11% in the end of 2022 compared to December 2021, and plexes have an increase of 9%. Rarity of available properties, although there have been multiple rises of the interest rate, has contributed to this increase.
For potential new buyers, the option of a condo remains even more affordable than a single-family home or a semi-detached, and in a context of lodging scarcity, demands are stable. Also, some cities, like Montreal, offer financial incentives for new owners from $5,000 to $15,000.
So, and although the current real estate climate seems uncertain, your sale can be possible! However, you will need to be patient before the transaction is settled.
What to Expect in 2023
If the actual trend should continue for co-ownership and plexes, sell won’t reach great heights during 2023. Moreover, new constructions for co-ownership apartments might reach its lowest level in 20 years. This is bad news for the real estate market since supply won’t compete with demand.
In terms of prices, Royal LePage expects a 2% decrease for the end of 2023 in the Greater Montreal Region, compared to the same time in 2022. More precisely, expect a 1.5% drop for co-ownership, compared to 2.5% for houses. This price drop expected on co-ownership could relaunch the real estate market. To be continued.
You wish to know what it means for your co-ownership investments in Ahuntsic and its surroundings? Don’t hesitate to call me. It would be my pleasure to assist you. Call me at: 514-975-1133
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