Montreal home sales fell 39% in December compared to the year before: Quebec Board – Montreal IG News

IG News Updates,

The Quebec Professional Association of Real Estate Brokers says home sales in Montreal last month plunged 39 percent from a year earlier to a December not seen since 2014.

The real estate organization says sales for the month were 2,232 and contributed to a 2022 sales total of 21,371, down 20 percent from 2021.

Read more:

2 people charged in connection with real estate fraud: Montreal police

The board says it’s typical for December to bring low sales and new listings, but the 2,359 properties that came onto the Montreal market last month brought levels not seen since 2002.

New listings in the month represented a seven per cent decline from the year before, but 2022 still saw two per cent more new properties on the market than in 2021.

Story continues below Advertisement

Read more:

Can Prefab Homes Solve Canada’s Housing Crisis? ‘It’s like an orchestra’

Median prices for single-family homes fell three percent from a year earlier to $510,000, while condos fell one percent to $375,000 and plexes six percent to $690,000.

Charles Brandt, director of the association’s market analysis department, says the figures reflect the market’s “wait-and-see” attitude.

“On one hand, buyers are expecting that the market conditions will improve in their favour. Sellers, on the other hand, are expecting stabilization of the market,” he says in a release.

Read more:

Foreign homebuyer ban: What it could mean for markets where the new rules don’t apply

“Active listings continue to increase significantly due to the build-up effect, which could help vindicate buyers in the coming months.”

&copy 2023 The Canadian Press

RELATED ARTICLES

Most Popular