The housing market continues to slow in the Montreal Census Metropolitan Area (CMA), where home sales fell 28% in March, a decline that fell below -30% for the first time since September.
In a sign that transaction activity in the industry is stabilizing, Montreal’s CMA recorded 3,947 home sales on its territory last month, a fall far from the historic low of the past six months.
On the island of Montreal, real estate transactions are struggling with just 1,366 sales in March, or -36% compared to the same period in 2022, according to research by the Professional Association of Real Estate Brokers of Quebec. APCIQ).
By residential property category, single-family home sales were down 21% with 2,083 transactions completed, while condominium sales were down 33%.
Despite the slowdown in transaction activity, the organization saw a 62% increase in listings for all types of properties, totaling 16,754 in the Montréal CMA area.
Although average prices are still down compared to last year, they are starting to move up on a monthly basis, with single-family home prices standing at $535,000 (-5%).
“Although economic uncertainties are far from over, households and investors alike are becoming increasingly confident and inclined to pursue their acquisition project as financing conditions stabilize,” said Charles Brant, director of APCIQ’s market analysis department, on Thursday.