Despite seeing a slight dip in the last year, the average price of a single-family home sold in Vaudreuil-Soulanges gained a staggering 37.5 per cent since the pandemic lockdowns in 2020, according to the latest data released by the Quebec Professional Association of Real Estate Brokers.
The rapid increase in housing prices in the four-year period from January 2020 to December 2023 in this region outpaced most other areas in the Greater Montreal region, including Laval, the South Shore and the island of Montreal. It ranked second only to the North Shore – an area that includes Mirabel, St. Jerome and the lower Laurentians – which saw prices catapult upward by 45.5 per cent. The average price for a single-family home across the province, which remained unchanged in the last 12 months, gained just over 41 per cent since 2020.
The average price of a home in Vaudreuil-Soulanges in December was $482,500. That is down 11 per cent compared with the same month in 2022, when a single-family home was selling for an average of $541,000. That brought the average price in this region for 2023 to $550,000 – down from $570,000 in 2022, a drop of 4 per cent. But the price at the end of the year was $150,000 more than the annual average price of $400,000 recorded in 2020, accounting for the 37.5-per-cent increase since the onset of the pandemic.
The highest average selling price for a house in Vaudreuil-Soulanges in 2023 was seen in July, when it hit $596,000, just under the all-time high seen in this region of $600,000 recorded in February 2022.
“Since the start of the pandemic, younger households have had to bear the brunt of sharply rising prices,” Charles Brant, the director of market analysis for the real estate brokers’ association, said in a statement. “However, the story is different for repeat buyers, who, thanks to their strong financial capacity, were able to weather the increase in property values.”
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REAL ESTATE: Prices now 8% below all-time high seen in 2022
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The difficulty for new buyers to purchase a home could affect the market down the road, Brant added: “A reduction in the pool of qualified first-time homebuyers can adversely affect the transactional chain. For a market to be fluid, there must be a sufficient number of first-time homebuyers.”
To illustrate just how steeply prices have been rising, the average selling price for a single-family home in Vaudreuil-Soulanges hit the $500,000 mark for the first time ever in April 2021. It hit another all-time high less than a year later. Average prices now have receded about 8 per cent from that level.
Another indicator of the shift in the market is a drop in the number of sales in 2023 compared with the year before. There were only 1,176 single-family homes sold in Vaudreuil-Soulanges last year, compared with 1,357 in 2022, which represents a 13-per-cent decrease. And these homes lingered on the market longer last year, selling on average in 51 days in 2023. In 2022, the average house sold in 31 days.
The average selling price of a single-family home in Vaudreuil-Soulanges in 2023 of $550,000 remained higher than in other regions in the Greater Montreal area, except for on the island of Montreal, where the average price last year came in at $715,000. The provincial average was $416,500.