Skip to main content

A realtor sign advertises the sale of a residential property on the west island of Montreal in this file photo from Nov. 4, 2017.

Graham Hughes/The Canadian Press

Home sales in Montreal dropped in the second half of March, as the Quebec government suspended work in non-essential sectors, including real estate, to stop the spread of COVID-19.

In the first part of March, 3,079 homes sold in the Montreal area, compared with 2,828 in the latter half of the month, according to the Quebec Professional Association of Real Estate Brokers.

The activity mirrors the two most expensive markets in the country, Toronto and Vancouver, where sales fell notably in the last two weeks of March.

Story continues below advertisement

As sales dropped in Montreal, so did home prices. The average selling price across all types of homes was $402,414 in the second half of the month, compared with $412,126 in the first half.

Unlike Ontario and British Columbia, Quebec considers work in the real estate industry to be non-essential.

Over all, 5,907 homes sold in March in Montreal despite the industry showdown. That was a 4 per cent increase over March, 2019, and the 61st straight month of sales increases.

The association said the relatively high level of sales was owing to activity that occurred earlier in the year. As home prices decline, the association predicted greater “price stability over the medium term as we emerge from the crisis."

Montreal’s real estate market has been booming over the past few years, with investors pouring money into new condo developments.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you manage your health, your finances and your family life as Canada reopens.
Visit the hub

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies