The Professional Association of Real Estate Brokers of Quebec says November home sales and new listings fell in Montreal as prices soared more than 20 percent compared to the previous year.
The association says sales for the month totaled 4,402, a 17 percent drop from 5,296 in November 2020.
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New listings totaled 5,056, 14 percent less than the 5,848 last November.
The median price of a single-family home jumped 21 percent compared to a year ago to reach $ 525,000, while condos were up 18 percent to $ 374,000 and plexuses with two to five units had an increase of 15 percent pushing them to $ 725,000.
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In addition to condos, which saw a slight decline, the association says median prices have also increased since October 2021.
Charles Brant, the association’s director of market analysis, says he noticed a lack of supply and persistently high demand last month that put pressure on prices and encouraged potential sellers to enter the market.
“The announcement of an earlier-than-expected interest rate hike undoubtedly motivated potential sellers to move forward with their project to benefit from sustained activity and the opportunity to sell at the best price,” he said in a statement.
© 2021 The Canadian Press
Reference-globalnews.ca