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Montreal Home Sales Plummet to 23-Year Low

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Mixed Results: Montreal Home Sales Dip, Prices Rise in October

The Quebec Professional Association of Real Estate Brokers has reported a 2% decrease in home sales in the Montreal area in October compared to the same period last year. This marks the second-lowest level of sales since data compilation began in 2000. Single-family home sales saw a 6% decline, while condominium sales remained relatively stable. However, plex sales experienced a 10% increase. Active listings and new listings both saw gains, with median prices for single-family homes, condominiums, and plexes all rising compared to the previous year. These figures suggest a mixed market performance in Montreal, with declining sales but increasing prices. The rise in active listings indicates a larger inventory available to buyers. It remains to be seen how these trends will evolve in the coming months and whether they will impact the overall real estate landscape in the area.

Hot Take: The Impact of Montreal's Real Estate Trends on New Businesses

The recent report by the Quebec Professional Association of Real Estate Brokers on Montreal's real estate trends presents an intriguing scenario for new businesses. While home sales have dipped, the rise in prices and active listings indicates a shift in the market dynamics.

Opportunities Amidst Challenges

Despite the decrease in sales, the increase in prices suggests a potential opportunity for businesses related to real estate, such as property management, real estate tech, and home improvement services. The larger inventory could also attract investors looking for rental properties, benefiting businesses catering to landlords and tenants.

Adapting to Market Fluctuations

However, the decline in single-family home sales might pose a challenge for businesses targeting this demographic. It's crucial for new businesses to be adaptable and responsive to these market fluctuations. In conclusion, while the mixed performance of Montreal's real estate market presents certain challenges, it also opens up new avenues for businesses that can leverage these trends. The key lies in understanding the evolving market dynamics and aligning business strategies accordingly.
Story First Published at: https://financialpost.com/news/live-news-top-business-stories-november-6-2023
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