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Montreal housing for sale. (Christinne Muschi For The Globe and Mail)
Montreal housing for sale. (Christinne Muschi For The Globe and Mail)

Montreal housing market hits lull on lower sales, flat prices Add to ...

Montreal’s housing market saw a drop in sales in August, while prices were in a holding pattern.

Home sales in the Montreal census metropolitan area fell 6 per cent in August from a year earlier, to 2,234, according to the latest report from the Greater Montreal Real Estate Board.

The median price of a single-family home in the Montreal area remained stable compared to a year ago at $285,000.

The median price for condos was off by 1 per cent at $230,150, the first drop in 8 months for the category.

The fall in overall sales followed increases of 3 per cent and 2 per cent chalked up in June and July, respectively, the board said on Monday.

Most striking in the latest batch of numbers is the 11-per-cent fall-off in condo sales in August after a 13-per-cent surge in July, Diane Ménard, the board’s vice-president, said.

Single-family home sales fell 3 per cent, the report says.

Montreal is in stark contrast to Toronto’s still hot market, where the average selling price in August was $546,303, up 8.9 per cent from a year ago.

Transactions were up 2.8 per cent compared with the year-earlier period.

Preliminary data from Vancouver and Calgary indicate continued rising prices in their respective residential markets.

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