August 3, 2014 6:48 pm
Updated: August 3, 2014 6:51 pm

Montreal housing market in a slump

Montreal housing sales slump in second quarter. Aug. 3, 2014

Lee Brown / The Canadian Press ImagesPress

MONTREAL – The Quebec Federation of Real Estate Board (QFERB) has released its second-quarter findings for the Montreal Metropolitan Area and home sales are down.

The QFREB says that home sales in the city have reached their lowest levels in 10 years with an overall drop of five per cent.

Story continues below

READ MORE: Quebec election puts real estate market on hold

The slump affects all three property categories, with sales of single-family homes decreasing by five  per cent, condominium sales dropping three per cent and multi-plexes seeing the largest drop with 10 per cent.

Homes are also staying on the market an average of 117 days as opposed to 110 days a year ago.

The Federation blames high unemployment and the last provincial election for making players in the market skittish.

Despite sluggish sales the QFERB reports that prices have remained steady.

© 2014 Shaw Media

Report an error


Want to discuss? Please read our Commenting Policy first.

Global News