(Montreal) Sales of residential properties in Montreal fell in October to a level not seen since 2014, the Professional Association of Quebec Real Estate Brokers (APCIQ) said on Thursday.
Posted yesterday at 5:25 p.m.
The number of transactions for the past month reached 1501, which was a 35% drop from October last year. However, in the single-family home category, they have plunged to a level not seen since 2000.
The director of the APCIQ’s market analysis service attributed the drop in sales to the rise in interest rates and inflation, which both weighed on purchasing power.
Thus, argues Charles Brant, the market is seeing a more cautious attitude on the part of people and investors who would have the capacity to carry out a purchase project, but who prefer to wait until the market stabilizes and conditions are more favorable to them. favorable.
According to the APCIQ, the median price of a single-family home reached $510,000 last month, which represents a decrease of 1% compared to the previous year, while the median price of a condominium reached $380. $000 and remained relatively unchanged from last year.
The median market price for buildings with two to five units was $700,000, down $10,000, or 1.4%, from October 2021.
New listings for sale numbered 5,440 in October, a 2% increase from the same month in 2021.