Home sales are down 39% year-on-year in Montreal
Residential property sales hit record low since 2014 for a month of December.
Residential property sales fell 39% last month in the Montreal area compared to the same period a year earlier, reaching their lowest level since 2014 for a month of December, the Professional Association of Quebec Real Estate Brokers (APCIQ) said on Thursday.
The number of residential sales in the census metropolitan area of Montreal reached 2,232 in December 2022, compared to 3,646 in the previous December.
The median price of properties sold fell in December for all three major housing categories: single-family homes, condominiums and plexes (buildings with two to five units).
The latter were the most affected, with a drop of 6% in the median price, while that of single-family homes fell by 3%, and that of condominiums, by 1%.
The number of new listings for sale fell by 7% in December to 2,359, compared to 2,527 in December 2021.
However, the number of ;Active listings showed an 84% year-over-year increase to 14,533 last month.