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Montreal home sales down 38% to one of the lowest levels on record

MONTREAL-REAL-ESTATE-gs1205
MONTREAL-REAL-ESTATE-gs1205

Montreal’s real estate prices held strong in November but transactions declined to one of the lowest levels since data tracking began in 2000, according to the body representing the province’s real estate brokers.

Data from the Quebec Professional Association of Real Estate Brokers (QPAREB) released on Monday showed that median prices across the three property categories tracked — single-family, condominium and multi-plex (two to five units) — were mostly flat on a year-over-year basis while sales declined by 38 per cent from 4,378 to 2,716 over that same period.

Month-over-month median prices and sales were both flat.

As a result of the historic decline in year-over-year transactions, the city is experiencing a backlog of active listings, which have ballooned by 58 per cent.

“Nevertheless, in November, the number of new listings is trending downward again, indicating that potential sellers are not rushing to sell their properties, or are not yet feeling compelled to do so,” Charles Brant, director of market analysis at QPAREB, said in the report.

Quebec’s total sales slipped 31 per cent year over year while active listings were up 40 per cent and median prices were flat, not counting a decline in multiplex prices.

• Email: shcampbell@postmedia.com