MLS® real estate sales in the Montreal Metropolitan Area declined by 37 per cent in January 2009 compared to the same month last year while, at the same time, median prices of single-family homes increased by 3 per cent, reported the Greater Montreal Real Estate Board.
"It's obvious that the sales decline is mostly due to a drop in consumer confidence," said Michel Beausejour, FCA, Chief Executive Officer of the GMREB. "It's not surprising to see this decline, even though the real estate market has been quite solid for the last 30 years or so, which is as far back as our statistics go.
"For example, you just have to look at prices in Montreal, which continue to increase slowly but surely at the current time. This is contrary to what's happening in other major cities like Toronto, Vancouver and Calgary, where sales as well as prices have dropped," he added.
