Property sales up slightly in Vaudreuil-Soulanges

Some 132 residential properties were sold in Vaudreuil-Soulanges in July, which is four more than on the same date in 2022. At least, that's what the Association professionnelle des courtiers immobiliers du Québec (APCIQ) confirms in its latest report, released on August 4.

The latest statistics also show a 16% drop in new listings on the market.

A total of 106 single-family homes found buyers in the last month, with an average time to market of 43 days. The median price also rose by some 5%, from $569,500 in July 2022 to $596,000 in July 2023.

As for condominiums, the market appears to be fairly stable in the region. While 24 condos were sold in 2022, the figure for 2023 is 25. On a year-to-date basis, however, condominium sales are down 32% on last year. 

"Clearly, some buyers are less affected by rising interest rates. The majority of buyers currently on the market can count on income or equity from their real estate holdings, with values comparable to last year. The many newcomers with an immigration status that allows them to buy a property in Quebec are also swelling the ranks of this category of buyers with good purchasing power," notes Charles Brant, Director of the APCIQ's Market Analysis Department.

According to Mr. Brant, the most affluent and determined new buyers are ready to take action, and anticipate that interest rates will remain high.

"They adapt and use multiple strategies. They may resort to unconventional financing, dispensing with the mortgage stress test. It can also be the acquisition of small income properties by several people. In some cases, increased rental income can help pay the monthly mortgage payments," he concludes.