Montreal home sales down eight per cent in May from last year

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The Quebec Professional Association of Real Estate Brokers says Montreal home sales were down in May from last year but showed signs of picking up from recent lows.

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The association says the 4,428 homes sold in the month amounted to an eight per cent drop compared with May 2022.

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The activity was an improvement from April sales, which were down 26 per cent from a year earlier.

Improved sales came even as new listings were down 11 per cent to 6,196, though the total number of active listings were up 46 per cent to 16,089.

The median price of a single family home was down four per cent at $550,000 compared with last year, while condo prices slipped two per cent to $403,000.

The association’s market analysis director Charles Brant says the month showed buyers were returning to the market, encouraged by the stabilization of interest rates and prices.