In the Greater Montreal area, the home market is changing. There are fewer sales despite a more abundant supply, leaving many real estate brokers to believe it’s becoming a buyer’s market. “When there’s choice in the market and the market is slow, that’s the time when you want to buy a property,” said Royal LePage real estate broker Marc Lefrançois. The Quebec Professional Association of Real Estate Brokers (QPAREB) released its data for September. According to its report, in the Greater Montreal area, sales continued to slow down, recording a 12 per cent decrease year-over-year. The report also mentions an increase in supply for a 14th consecutive month, with inventory levels 18 per cent above the10-year-average, which is lowering prices. Lefrançois says the condo market is slowing down across the island because of over supply and smaller builds. “Most single-family properties are stable now, they’re still going up a bit but the condo market is dropping. Anybody who bought a condo in the last two to three years, especially downtown, is at a bit of a loss right now,” he told CTV News. Across the board, he says properties are staying on the market longer. “If you’re not priced perfectly in the market right now versus the comps it’s difficult to get a buyer,” he said. The broker says it’s a great opportunity for first-time buyers to purchase a home because there’s choice and the ability to negotiate, something he says hasn’t happened for years. “Right now, because sellers are having a tougher time finding a buyer they will accept terms that favour the buyers or are at least more prudent for the buyers,” said Lefrançois Lefrançois says there are a number of risk factors, including the ongoing trade war with the United States, inflation, and the new provincial government. If any of those elements come into play, he says it could slow down the market even more and really make it a buyer’s market.
