(QUEBEC) Residential property sales in Montreal were down 12 per cent in February from the same month last year as the market struggled with a lack of listings, the Professional Association of Brokers said Thursday. real estate of Quebec (APCIQ).
Posted yesterday at 5:33 p.m.
A total of 4,399 homes changed hands last month in the metro area, which was down from 5,025 transactions in February 2021.
The APCIQ attributed the slowdown to the fact that activity in February last year was “out of the ordinary”, and noted that sales last month were in line with the average level of sales seen in 2016.
New listings came in at 5,899 last month, down 4% from the 6,130 new listings recorded in February last year.
The median price of a single-family home has climbed 20% since last February to reach $550,000 last month, while that of condominiums rose 16% to $395,000.
APCIQ director of market analysis Charles Brant said pricing pressure remains high, adding that he expects an easing after the Bank of Canada raises the interest rate. 0.5% this week.
“The Bank of Canada’s decision to begin its process of raising the key interest rate on March 2 will quite likely mark the beginning of a moderation in excess demand for properties for the rest of the year and a gradual easing of the number and intensity of overbidding situations,” he explained in a press release.