Home sales in Montreal dropped 4% in December from a year earlier as high interest rates charged on mortgages continue to cool the real estate market.
The Quebec Professional Association of Real Estate Brokers reported that home sales in Montreal, one of Canada’s biggest cities, totalled 2,096 in December, down from 2,191 in the same month of 2022.
For all of 2023, Montreal home sales fell 14% compared to levels seen in the previous year.
In December, single-family home sales totalled 1,052, down 5% from 1,110 a year earlier, while condominium sales amounted to 777, a 10% drop from 863 in the same month of 2022.
However, despite the sales decline, the median price of a single-family home in Montreal rose 5% year-over-year in December to $535,000.
The median price for a condominium increased 4% to $391,000.
Active listings in the Montreal market during December increased 19% compared with a year earlier to 15,907. New listings in the city rose 12% to 2,542.
The average interest rate charged on a home mortgage in Canada is currently at 6.50%, according to industry data.
