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No Sales Slowdown for Properties That Sold for $500,000 or More

No Sales Slowdown for Properties That Sold for $500,000 or More

While residential sales in Québec concluded through a real estate broker have registered almost as many monthly decreases as increases in recent years, the number of properties that sold for $500,000 or more stayed on a path of growth. Figure 1 shows monthly sales changes for properties that sold for $500,000 or more, properties that sold for less than $500,000 and for all properties in Québec. Sales of properties under $500,000 decreased between May 2010 and May 2011, in June 2012 and from August to October 2012. Like the “all sales” category, this represents 17 monthly decreases in the 42 months since the end of the recession in the spring of 2009. In contrast, sales of properties at $500,000 or more almost always increased during the same period, with only three decreases in the months of July 2010 (-2 per cent), September 2010 (-4 per cent) and October 2010

(-2 per cent).

More recently, residential sales across Québec decreased in June, August, September and October 2012. The decreases registered in the last three months correspond to the entry into force, on July 9, 2012, of the new, more restrictive rules governing mortgage loan insurance, which limit the maximum amortization period for new mortgage loans to 25 years from 30 years.