Home sales are down 39% year-on-year in Montreal

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Home sales 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.

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