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Apr 11, 2023

Low March Home Sales In Montreal

Residential sales in the Montreal, QC, census metropolitan area (CMA) totalled 3,947 in March 2023, down 28 per cent compared to the same period last year which pushes sales down to a new low for a month of March, says the Quebec Professional Association of Real Estate Brokers (QPAREB). Although sales are still down, it should be noted that this is the first month, since 2022, with a decline below the -30 per cent mark. Sales were down in all residential property types. “Following a period of unprecedented overheating, the market was one of the first to react negatively to the rapid rise in interest rates that began a year ago,” says Charles Brant, C market analysis director. “Currently, it is one of the first to react positively to the stabilization of interest rates, as is the case for several other major Canadian markets. Although the economic uncertainties are far from over, households, like investors, are increasingly confident and inclined to carry out their intention to purchase a home in a context of stabilized financing conditions. Even though sales are still down, the slowing of this decline is a positive sign that the market is stabilizing.”

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