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Jul 10, 2023

Montreal home sales decline

Residential sales in the Montreal, QC, census metropolitan area (CMA) reached 3,627 in June. This represents a decline of 10% or 418 transactions compared to the same period last year. We have to go back to 2015 to see a similar level of sales for a month of June, says the Quebec Professional Association of Real Estate Brokers (QPAREB). “The spring started with a note of optimism for both buyers and sellers since the Bank of Canada had decided to stop raising its key interest rate after nine consecutive rate hikes. Combined with the effect of buyers returning to the market, May saw a significant upturn in transactional activity, says Charles Brant, QPAREB market analysis director. “While it is true that June usually experiences less sustained transactional activity, a further rise in interest rates and the decline in new listings are sending a negative signal to market participants who could consider postponing their purchase or sale project. This is particularly the case in the Montreal CMA where median prices are the highest in the province.” The slowdown in sales is being felt in all property categories, with variations ranging between -8% and -16%. It is the small income property category, with 338 sales, which stands out with a 16% drop in sales. The decline amounts to 11% for condominiums and a decrease of 8% for single-family homes compared to the same period last year. Active listings were up 32% compared to the same period in 2022. The increase was seen across all housing categories, with the single-family category standing out with a more marked increase of 38%.

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