Montreal home sales down 10% year-over-year in June

Real estate signage showing a home for rent is seen on Monday, May 15, 2023 in Montreal. THE CANADIAN PRESS/Christinne Muschi

Residential property sales in Greater Montreal fell by 10 per cent in June, compared to the same month last year, the Association professionnelle des courtiers immobiliers du Québec (APCIQ) reported on Thursday.   

A total of 3,627 sales were closed last month, compared to 4,045 transactions in June 2022, the association said, pointing out that you had to go back to 2015 to observe a similar level of sales for that month.

The APCIQ attributed the market slowdown to last month's interest rate hike by the Bank of Canada, which sent 'a negative signal to market players,' who postponed their plans to buy or sell.

All property categories were affected by the slowdown. Sales of small income properties with two to five units (plexes) fell by 16 per cent year-on-year, while sales of condominiums dropped by 11 per cent and single-family homes by 8 per cent.

Median prices also fell compared with June 2022. Plexes gave up 6 per cent to $726,500, while condominiums were down 5 per cent to $390,000. The median price for single-family homes reached $550,000, down 4 per cent on last year.

The number of active listings in Greater Montreal rose by 32 per cent in June compared to the same month last year, but remained very stable compared to May. New listings in June were 19 per cent lower than in June 2022.

- This report by The Canadian Press was first published in French on July 5, 2023