(Montreal) Sales of residential properties in Montreal fell last month to their lowest level since April 2000, with the exception of April 2020, at the start of the pandemic, the Professional Association of Real Estate Brokers said Thursday. Quebec (APCIQ).
The association said sales last month were 3,755, down 26% from April last year.
New registrations fell 11% to 5,464 over the same period.
The median price of small buildings with two to five units (plexes) fell 8% to $720,000 year-on-year, and that of single-family homes fell 7% to $540,000. Median condo price retreated 5% to $390,000 from April 2022.
However, on a monthly basis, the APCIQ pointed out that the prices of all property categories increased for a third consecutive month.
The director of the APCIQ’s market analysis service, Charles Brant, observed that the spring market arrived with a feeling of optimism as Montreal passed the peak of mortgage rates and median prices showed a down from last year.
“However, activity was disappointing in April after a promising March,” he said in a statement.
“It’s not necessarily a lack of buyer confidence in the market, as interest rates are stabilizing and prices are clearly indicating a bullish recovery. In addition to the high price level, it is also due to the lack of properties for sale on the market, as evidenced by the historic drop in listings for the month of April. ยป