Montreal home sales fall 13% in August as ‘rebalancing’ continues: real estate board

Montreal home sales declined by 13.1% compared to the previous year in August, as per the province’s real estate board. This indicates that the market is still undergoing an adjustment period. According to the Quebec Professional Association of Real Estate Brokers, 2,853 residential properties were sold in the Montreal census metropolitan area during August, a decrease from 3,282 sales in the same month last year.

Camille Laberge, the board’s senior economist, attributes this slowdown to the market rebalancing as activity slows down and supply increases. In August, there were 5,874 new listings, which is a 7.4% year-over-year increase. Meanwhile, the total inventory of homes for sale grew by 17.8% to reach 20,128 units. Home prices continued to rise across all categories in August, with the median price of a condominium jumping by 3.6% to $437,250.

The median price of a single-family home increased by 2.8% to $650,000, while the median price of a townhouse rose by 1.7% to $856,000.