Home prices in Montreal jumped in March as sales fell: Chambre immobilière du Québec
MONTREAL – The Professional Association of Quebec Real Estate Brokers says home prices in Montreal last month rose an average of 17% from a year ago as sales fell nearly 10%.
The council says the median price of a single-family home reached $565,550 in March, an 18% gain from a year ago.
Condominiums saw a 16% increase, bringing the median price to $402,600 last month.
Sales for the month totaled 5,493, down 13% from 6,281 last March.
New registrations last month were 7,217, down 9% from 7,295 the previous March.
Charles Brant, the association’s director of market analysis, says the month was characterized by a further increase in prices, as well as a drop in sales to a level below that seen before the pandemic.
“This new feverish surge, against a backdrop of one-upmanship, will perhaps be one of the very last. Indeed, the number of active registrations tends to stabilize, even to increase in certain sectors and categories, after the constant decline recorded since the beginning of the pandemic,” he said in a press release.
This report from The Canadian Press was first published on April 5, 2022.
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