Price negotiations
”While the meteoric rise in interest rates has resulted in a sharp drop in sales, the number of properties available for sale on the market has risen only very moderately. Active listings are still well below the historical average. However, the decrease in the number of buyers on the market has had a direct impact on the dynamics of price negotiations for single-family homes sold in Quebec.”
”Properties sold at the asking price have gained ground in the last year and now represent nearly 7 out of 10 transactions, a sign that the market is normalizing. Sales at negotiated below-asking prices are also more numerous, while the number of sales above the asking price is significantly lower than in the spring of 2022.”
“All of this demonstrates the resilience of the market. It is encouraging to see a normalization of the market with an increase in sales concluded at the asking price. This is a healthy phenomenon, since multiple offers often lead to irrational decisions by buyers and abusive ones by sellers,” explains Charles Brant, QPAREB Market Analysis Director.
Selling times
”The asking price greatly affects the result of the sale and causes the time to sell a property to fluctuate. A property listed at an overvalued price takes, on average, almost three months before finding a buyer. Conversely, selling times are always compressed to their minimum when a property is sold after a process of multiple offers leading to overbidding.”
“It is reassuring to see that sales at the asking price have more reasonable transaction times. It shows that these sales take place with the iterations and necessary conditions for them to be carried out according to accepted practices and to the satisfaction of both the seller and the buyer,” notes Charles Brant, QPAREB Market Analysis Director.
Median prices
“As a result of these changes in price negotiations, there is only a 5 per cent decline in median prices from last year’s April peak. It is therefore possible to say that most of the price correction is now behind us. In the coming months, the Quebec real estate market will continue to stabilize in terms of prices, yet not return to balanced market conditions due to an insufficient number of properties for sale,” concludes Charles Brant, QPAREB Market Analysis Director.”
SOURCE: To read the full article on the APCIQ website click HERE
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