Montreal Home Sales in March Down Annualized 12%

Tue Apr 7, 2009 09:48am - (CEP News) - The pace of home sales declines in Montreal eased in March, while real estate prices continued to remain above year-ago levels, the Greater Montreal Real Estate Board reported.

Sales in the month were down 12% from a year earlier, much less than the 30% year-over-year drop seen in February.

The median price of a single-family home rose to $227,000, up 1% from a year earlier and up from $225,000 in February. The median price of condominiums rose 2%, while plexes were up 3%, the real estate board said.

"Spring is the busiest time of the year for the resale market, and 2009 should be no exception," said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB.

"This is good news for the Montréal real estate market," Beauséjour said in a release. "Not only has consumer confidence increased and the market become more active, but property prices are stable and are even increasing slightly."

Marlene Ofter

Marlene Ofter

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