Home sales in Montreal declined 28% in March from a year earlier, according to the Quebec Professional Association of Real Estate Brokers.
The real estate association said 3,947 homes were sold in Montreal during March, a new all-time low for the month.
However, March was the first time since September 2022 that sales in the city fell by less than 30%, indicating that the market may have bottomed.
As sales fell in March, so did average prices, with single-family homes dropping 5% to $535,000 and condos prices also decreasing 5% to $381,5000.
New home sale listings in March declined 8% to 6,487.
The Quebec real estate board said that the latest data shows the Montreal market is beginning to stabilize as the Bank of Canada pauses its interest rate hikes.
