Montreal’s housing market shifted gears last month, with sales falling 20 per cent year-over-year while active listings rose 37 per cent, the Professional Association of Quebec real estate brokers (APCIQ).
Sales for the month of August were 2,681, while the number of active listings reached 13,715, the association said.
According to the director of the APCIQ’s market analysis department, Charles Brant, the direction of the market is experiencing a “drastic” change since the month of August is generally characterized by a lower volume of properties for sale than most other months of the year.
Rising interest and mortgage rates are slowing the pace of transactions as inventory builds up, causing the market to rebalance, but more gradually than in other parts of Canada.
The APCIQ also found that the median price of single-family homes rose 5% year over year, to $525,000, while that of condominiums edged up 3% to $385,000. during the same period.
However, median prices for single-family homes and condominiums were lower in August than in July.
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