Montreal home sales hit new March low, dropping 28% from a year ago: Quebec board

Signs advertising houses for sale are shown in Montreal, Friday, March 4, 2022. THE CANADIAN PRESS/Graham Hughes

The Quebec Professional Association of Real Estate Brokers says March home sales hit a new low for the month, but it's seeing signs that such declines are shrinking.

The association says 3,947 homes changed hands last month, a 28 per cent drop from the March before.

The association says the month marked the first time since September 2022 that sales fell by less than 30 per cent.

As sales fell so did average prices, with single-family homes dropping five per cent to $535,000 and condos declining by the same amount to $381,5000.

New listings for the month slid eight per cent to 6,487.

The board's market analysis director says the numbers indicate that Montreal is responding positively to the stabilization of interest rates after their rapid rise.

"Although the economic uncertainties are far from over, households, like investors, are increasingly confident and inclined to carry out their intention to purchase a home in a context of stabilized financing conditions." Charles Brant said in a press release.

"Even though sales are still down, the slowing of this decline is a positive sign that the market is stabilizing."

- This report by The Canadian Press was first published April 6, 2023.