Montreal home sales down 26% from last April: Quebec real estate association
18 May 2023
The Quebec Professional Association of Real Estate Brokers says Montreal experienced its lowest April sales level since 2000, aside from April 2020, at the beginning of the COVID-19 pandemic.
The association says last month's sales amounted to 3,755, a 26 per cent drop from April of last year.
New listings were down 11 per cent to 5,464 over the same period.
The median price of plexes fell by eight per cent to $720,000, and single-family homes posted a decline of seven per cent to $540,000, while condos tumbled five per cent to $390,000.
However, the association says prices for all property categories increased for a third consecutive month.
The association's market analysis director Charles Brant says the spring market has arrived with a sense of optimism as Montreal has passed the peak of mortgage rates and median prices are down from last year.
“However, activity was disappointing in April after a promising month of March," he said in a statement.
"This is not necessarily due to a lack of buyer confidence in the market, since interest rates are stabilizing and prices are clearly indicating an upward movement. In addition to high prices, it is also due to the lack of properties for sale on the market, as evidenced by the historic drop in listings for a month of April."
This report by The Canadian Press was first published May 4, 2023.
