(Montreal) Residential property sales hit a new March low last month, but there are signs the declines are easing, the Association professionnelle des courtiers immobiliers du Québec (APCIQ) said Thursday.

A total of 3,947 homes changed hands last month, down 28% from March 2022, the association said.

It was the first time since September 2022 that sales fell by less than 30% on an annual basis, underlined the APCIQ.

Average prices fell as sales fell. That of single-family homes decreased by 5% to $535,000 and that of condominiums fell by the same proportion to stand at $381,500.

New listings for the month slipped 8% to 6,487.

The APCIQ’s director of market analysis felt that these figures show that Montreal is reacting positively to the stabilization of interest rates, after their rapid rise.

“Although economic uncertainties are far from over, households, like investors, are increasingly confident and inclined to carry out their acquisition project in a context of stabilization of financing conditions,” said Charles Brant, in a statement.

“Even though sales are still down, the slowing down is a positive sign that the market is stabilizing. »