Sales of residential properties in the Greater Montreal area and new listings for sale fell last month, while prices soared more than 20% from last year, the Trade Association said on Tuesday. Quebec real estate brokers (APCIQ).
Sales for the month of November were 4,402, which was a 17% drop from the 5,296 transactions in November 2020, the association said.
New listings for sale totaled 5,056 in November, down 14% from 5,848 in the same month last year.
The median price of a single-family home rose 21% from a year ago to $ 525,000, while that of condominiums rose 18% to $ 374,000. The median price of buildings with two to five units grew 15% to $ 725,000.
Median prices also increased compared to October 2021, with the exception of condominiums, which declined slightly.
According to APCIQ’s Market Analysis Director Charles Brant, the weak supply of properties and particularly strong demand last month put upward pressure on prices and convinced some potential sellers to take the plunge. on the market.
“The announcement of an earlier-than-expected rise in interest rates no doubt decided potential sellers to move ahead with their project in order to benefit from the sustained activity and the opportunity to sell at the best price,” he said. he said in a press release.