Montreal's West Island Real Estate Market Update | JULY 2022
Monday, August 22, 2022
West Island: A Shift In Market Dynamics - Q2 Market Update July marked a significant shift in the Montreal real estate market particularly for the single family home sector. With big interest rate hikes in May and again in June, this slowdown was expected but the most recent numbers are a bit of an eye opener for both buyers and sellers. As we predicted last month, less buyers entered the market and pre-qualified buyers who had previously locked in lower interest rates, rushed to close on homes before their pre-approvals ran out. This drove sales in June, through July, and continues to be the situation for the majority of buyers currently looking for homes. There is talk of another interest rate hike this quarter or next and inventory continues to climb. The laws of supply and demand dictate the market and currently, supply is beginning to outpace demand. Look for the fall market to soften further as older interest rate pre-approvals expire and the reality of 6-7% mortgages begins to sink in.