Montreal-area home sales fall 10% in July amid ‘adjustment phase’

Home sales in the Montreal area experienced a 10% year-over-year decline in July, signaling a cooling market, according to the Quebec Professional Association of Real Estate Brokers (QPAREB).

A total of 3,338 residential properties were sold in the Montreal census metropolitan area during July, a decrease from the 3,709 transactions recorded in the same month last year. This drop in sales activity occurred across the entire market, as noted by the QPAREB.

Despite the lower sales volume, home prices continued to rise. The median price for plexes, which are multi-unit residential buildings, increased by 6.1% to $865,000. Single-family homes saw a 4% year-over-year rise in their median price to $650,000, while the median price for condominiums grew by 1.5% to $431,500.

Further indicators of market adjustment include a 4.1% increase in new listings, totaling 5,260 in July. The total inventory of homes for sale also rose significantly by 16.6% to 19,790 units. These figures suggest a market undergoing an "adjustment phase" with more properties available and fewer sales.