January Montreal Real Estate Market Statistics

Home sales in Montreal were down 37% in January, compared to a year ago, though home prices are still up, the Greater Montreal Real Estate Board reported.

The board reported Wednesday that there were 1,662 transactions in the month, down 37% compared to January 2008. Sales of single-family homes were down 36% on the year, while condo sales were 37% lower.

“It’s obvious that the sales decline is mostly due to a drop in consumer confidence,” said Michel Beauséjour, CEO of the GMREB.

House prices held firm, however, with the median price still up 3% in the month compared to a year ago. The median price of single-family homes rose 3% to $225,000, while condo prices were up 4% to $181,000.

Beauséjour noted that the moderate price increases are contrary to the situation playing out in other Canadian cities, such as Toronto, Vancouver and Calgary.

Statistics Canada reported earlier on Wednesday that new home prices in Canada rose an average of just 0.4% in December. New home prices in Toronto, Montreal and Vancouver were all flat in December, StatsCan
reported.

Geographically, sales on the island of Montreal were down 29% on the year, while the slowdown was even more pronounced off the island, the GMREB reported. Sales on the South Shore were down 36%, while the
North Shore saw a 41% decline. Laval was the hardest hit, with a 48% drop in sales in January.