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 Association professionnelle des courtiers immobiliers du Québec (APCIQ) said Thursday. ).
The association said 3,755 sales were made last month, which represents a drop of 26% compared to April of last year.
New registrations fell 11% over the same period, to 5,464.
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. The median condominium price decreased by 5% to $390,000 compared to April 2022.
However, on a monthly basis, the APCIQ pointed out that the prices of all property categories increased for a third consecutive month.
Lack of properties for sale
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 month of March,” he said in a statement.
“It’s not necessarily because buyers’ lack of confidence in the market, since interest rates are stabilizing and prices are clearly indicating an upward recovery. In addition to the high level of prices, it is also due to the lack of properties put up for sale on the market, as evidenced by the historic drop in put ups on the market for the month of April. »
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