Housing sales in the Montreal area dropped 2 per cent in October

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Housing sales in the Montreal area dropped by two per cent in October compared with the same month a year earlier, according to the Quebec Professional Association of Real Estate Brokers.

That is the second lowest drop since the association began compiling statistics in 2000.

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There were a total of 2,675 houses sold in Montreal in October, compared with 2,740 a year earlier.

The association said single family homes represented 1,347 of the month’s transactions, a drop of six per cent compared with 12 months earlier, while 1,018 co-props were sold, just three less than in October 2022.

Sales of multi-unit dwellings rose by 10 per cent to 307, compared with 279 in 2022.

There were 17,518 active listings in October, 12 per cent more than the 15,708 in 2022. Last month, new listings increased by 10 per cent to 5,816, compared with 5,306 a year earlier.

The association reported that the median price of a single family home was $545,000 last month, $35,000 more than in 2022. The median price of a co-prop increased by $10,000 compared with last year to stand at $390,000.

The median price for a multi-unit residence last month was $735,000, $35,000 more than in October 2022.