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Nov 10, 2022

Home Sales See Significant Decrease

Residential sales in the Montreal, QC, census metropolitan area (CMA) reached 2,770 units in October. This represents a significant decrease of 1,501 transactions, or 35 per cent compared to the same period last year. The last time sales levels were this low in October was in 2014, says the Quebec Professional Association of Real Estate Brokers (QPAREB). The slowdown continues across all property categories as October sales of single-family homes and small income properties hit new lows, levels not seen since 2000 (when data was first compiled by the real estate brokers’ Centris system). Plex sales and condominium sales experienced the largest annual declines, falling by 42 per cent and 38 per cent, respectively. Single-family home sales were also down, with 1,456 transactions, a decrease of 32 per cent. The Quebec City, QC, CMA recorded 630 residential sales in its area during in October, a decrease of 127 transactions or 17 per cent compared to 2021. Plex and condominium sales registered the largest decreases during the period.

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