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Montreal home sales drop 11% since last year: Quebec brokers association

Montreal home sales drop 11% since last year: Quebec brokers association

MONTREAL — The Quebec Professional Association of Real Estate Brokers says June’s Montreal home sales dropped 11 per cent since the same time last year, but the market is still favouring sellers.

The association says 4,078 homes changed hands last month, down from 4,589 last June.

The figures are below 4,333, the monthly sales average since 2017, and signal that the market is continuing to slow.

Single-family homes and condominiums saw nine per cent and 10 per cent drops in year-over-year sales, while 25 per cent fewer duplexes and triplexes were part of transactions.

The median price of a single-family home reached $570,000 last month, a 12 per cent increase from June 2021, but a $6,000 decrease from May 2022.

New listings totalled 6,573 last month, up 23 per cent from last June, when they amounted to 5,325.

“The next few months will finally usher in a downward trend in overbidding and a winding down of the continuing rise in prices compared to 2021,” said Charles Brant, director of the association’s market analysis department, in a release.

“Overall, prices have been stabilizing since last May, indicating that the Montreal market has reached its peak, especially in a context where it is becoming increasingly difficult for households to qualify for a mortgage loan.”

This report by The Canadian Press was first published July 6, 2022.

The Canadian Press

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