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

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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.

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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.

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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.

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

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