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Montreal’s September home sales drop to lowest point in almost 10 years: QPAREB

Click to play video: 'Global News Morning weather forecast: October 5, 2022'
Global News Morning weather forecast: October 5, 2022
Kim Sullivan has Montreal's weather forecast for Wednesday October 5, 2022

The Quebec Professional Association of Real Estate Brokers says Montreal’s September home sales dropped to their lowest level in almost 10 years as the market continued to cool.

The region recorded 2,537 sales last month, a 30 per cent decrease from last September and the lowest number of September sales since 2013.

The association says those numbers indicate the region did not experience the usual back-to-school rebound that brings increased sales to the market.

Read more: Property values in Montreal jump on average about 32%, city officials say

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Group of Quebec condo owners face bankruptcy over unsafe building conditions

Condos and plexes suffered the largest year-over-year sales decreases with drops of 39 per cent and 38 per cent respectively, while single-family homes experienced a 21-per-cent fall.

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Meanwhile, median prices continued to decline month over month, but at a much more moderate pace.

On a year-over-year basis, average prices for single-family homes rose six per cent to $535,000, while condos rose four per cent to $380,000 and plexes dropped one per cent to $685,000.

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