The 1019 Report
Although housing prices in the Vaudreuil-Soulanges area have dipped slightly in recent months compared with the all-time record highs hit earlier this year, the average cost of a single-family dwelling in this region is still well above the half-million-dollar mark.
The selling price of a home in this region in June was $571,500, just over six per cent more than the average price recorded in the same month last year, according to the latest figures released by the Quebec Professional Association of Real Estate Brokers. Statistics for July have not yet been released.
According to the official figures, the average selling price of a home in this region continues to hover well above the half-million-dollar level since that threshold was hit in April of 2021. In fact, the average selling price reached $600,000 for the first time in February before slipping back to $560,000 in March. The average price continued to climb in April and May, reaching $590,500 before retreating slightly in June.
“It was meteoric,” said Paul Laflamme, a broker with Royal LePage Village in Hudson, referring to the rapid rise of housing prices in the area during the COVID pandemic, explaining prices in some towns in the region are pulling the averages up.
For example, yesterday there were 74 listed for sale in St. Lazare, including 31 with asking prices over $850,000, Laflamme said. Another 31 were listed between $600,000 and $850,000, six between $500,000 and $600,000 and six in the mid-$400,000 to $500,000.
In Hudson, there were 38 homes listed for sale. Twenty-seven of those had asking prices over $850,000, while seven were listed between $600,000 and $850,000.
The Vaudreuil-Soulanges area is currently the third most expensive area in the Greater Montreal region based on average selling prices in June. Only the island of Montreal, where the average selling price of a home in June was $785,000, and the South Shore, where the average selling price of $574,000, were more expensive.
The average selling price in the 1019 area in June was about 31.4 per cent above the provincial average of $435,000.
The speed in which houses are selling in the 1019 region is remaining relatively steady. In June, a house listed on the market took 24 days to sell, compared with 22 days in June 2021. The provincial average in June was 33 days, down from 43 days in June 2021.
Laflamme, however, said he has noticed a bit of a slowdown.
“There is a palpable slowdown in activity, but prior to COVID we always had that,” he said, referring to a summertime lull in market activity.
In the first six months of 2022, a total of 834 single-family dwellings were sold in Vaudreuil-Soulanges, 137 fewer than the 971 homes sold in the first half of 2021. A total of 312 condominiums and 29 multi-plex buildings with two to five units were sold in the first six months of 2022 in this region, compared with 349 condos and 49 multi-plexes in the first half of 2021.
Condo prices up almost 13%
The average selling price of a condo in Vaudreuil-Soulanges in June was $358,000, 12.75 per cent more than the $317,500 in June of last year.
According to a study published by Desjardins in April, average housing prices across the province are projected to drop 4.7 per cent in 2023 in response to rising mortgage lending rates. Since the report was issued, mortgage rates have already been raised in response to the Bank of Canada increasing its benchmark interest rate.
Laflamme said he has noticed fewer bidding wars that push prices above asking in the last few months, but there are still some, especially for homes in the under-$750,000 price range.