Quebec Home Sales Slow

In August, there were 2,681 home sale transactions in the Montreal, QC, census metropolitan area (CMA), which represents a 20 per cent decrease compared to the 3,347 transactions that took place during the same period last year, says the Quebec Professional Association of Real Estate Brokers (QPAREB). The market continues to slow down and more consistently than in the previous months of 2022, except for January. For several months now, the markets in the major sectors of the Montreal CMA have been moving at different rates, even though all sectors have seen their number of residential transactions drop for the month of August. As was the case last month, plexes experienced the largest slowdown, with 248 transactions in August 2022 compared to 385 in 2021. Condominiums and single-family homes also saw declines of 22 per cent and 14 per cent respectively. The Quebec City CMA also registered a decline in transactions, down 10 per cent in August compared to August 2021. This follows two months of increases. All property categories had decreases in the number of transactions, with single-family homes down one per cent, condominiums down 15 per cent, and small income properties down 49 per cent.