According to the latest report published by the Association professionnelle des courtiers immobiliers du Québec (APCIQ), residential sales in Vaudreuil-Soulanges totaled 439 in the first quarter of 2024, up 9% on the same quarter in 2023.

The Île Perrot sector, comprising the towns of L'Île-Perrot, Pincourt, Terrasse-Vaudreuil and Notre-Dame-de-l'Île-Perrot, saw the highest number of sales, with 132 transactions, up 45% on the same quarter in 2023.

Soulanges-Sud (Coteau-du-Lac, Pointe-des-Cascades, Les Cèdres, Les Coteaux and Saint-Zotique) followed with 112 sales, an increase of 26%.

Conversely, the Vaudreuil-Dorion and Saint-Lazare-Hudson sectors both recorded decreases of 20% and 3%, with 102 and 93 transactions respectively.

In terms of prices, throughout Vaudreuil-Soulanges, the median price of single-family homes at the end of the first quarter was $566,000, 6% higher than at the same time in 2023, while the median price of condominiums remained stable at $343,500.

Housing starts stabilize for 2024

For its part, Canada Mortgage and Housing Corporation (CMHC) forecasts a stabilization in housing starts for the Montreal census metropolitan area (CMA).

"More favorable conditions are now on the horizon with the gradual reduction in the key interest rate expected over the next few quarters. In 2024, housing starts should remain fairly stable compared to 2023, which would put an end to the decline observed over the past two years," we read in the most recent report published on April 4.

CMHC also predicts a lag between the planning of new real estate projects and the first shovelfuls of earth. A real upturn in residential construction may not be seen until 2025.

"Rental housing starts will remain the driving force behind residential construction. Rental vacancy rates are low, needs are high and demand will continue to grow. Developers remain on the lookout for business opportunities, particularly in certain suburban areas where the cost of land makes it easier to develop new real estate projects".

As financing conditions improve in the short and medium term, the pace of rental housing construction will pick up again, according to CMHC.

Condominium starts will take longer to recover. Rising prices and financing costs have weakened demand from both owner-occupiers and investors.

Finally, single-family, semi-detached and townhouse starts should remain relatively stable in 2024. Even as demand strengthens, available land for low-density projects remains scarce and expensive, keeping prices high and restricting the pool of potential buyers.

The rental market will remain under pressure

With apartment starts slowing in 2022 - 2023, the number of new units completed this year will be down, according to CMHC analysts.

Fewer than 13,000 rental units could be added to the rental stock in 2024, compared with nearly 16,500 in 2023 (from July of the previous year to June of the current year). However, demand for rental units will continue to grow due to population growth and the ongoing difficulties associated with home ownership.

CMHC also expects a further decline in the rental vacancy rate in the Greater Montreal area. From 1.5% in October 2023, it will fall to close to 1% by October 2024.

"These market conditions are conducive to another sharp rise in rents in 2024. What's more, the rapid growth in operating costs last year (maintenance costs, municipal taxes, etc.) will have a further upward impact on rents. The affordability of the rental market will remain a major challenge over the next few years in Montreal, as the scarcity of available housing persists, especially for units in the lower rent ranges," concludes the report.